S&P 500 futures were down on Friday morning, as investors digested the latest economic data and awaited the release of key inflation figures later in the day.

The Dow Jones Industrial Average futures were down 0.3%, while the Nasdaq Composite futures were down 0.5%.

The US manufacturing PMI rose to 57.5 in June, slightly above expectations.

The CPI is expected to show that inflation rose to 8.8% in June, the highest level in 40 years.

If the CPI data comes in higher than expected, it could lead to further selling in the stock market.

However, if the CPI data comes in lower than expected, it could provide some relief to investors.

The stock market has been under pressure in recent weeks, as investors have become increasingly concerned about the pace of inflation.

The Federal Reserve is expected to raise interest rates by 75 basis points at its meeting later this month in an effort to combat inflation.

However, there are concerns that the Fed could raise rates too quickly and tip the economy into a recession.

The stock market is likely to remain volatile in the near term, as investors assess the latest economic data and the Fed's monetary policy stance.

S&P 500 futures were down on Friday morning as investors awaited the release of key inflation figures later in the day. The stock market has been under pressure in recent weeks as investors have become increasingly concerned about the pace of inflation.