US CPI data is due today.

An increase in April inflation is expected. The drop or slowdown we saw last night or are seeing right now might be due to the market pricing in that expectation.

If inflation does come in higher, the Federal Reserve may hold off on rate cuts.

News driven moves are often temporary. If inflation increases, we might see a dip followed by the market continuing its original trend.

Expect some volatility during the New York session.