Wall Street is trying to recover from one of its worst weeks of the year.
The futures tied to the S&P 500 fell as well, dropping 0.7%. The futures of the stock exchange pulled back.
The major averages fell last week for the first time in over a month. The S&P 500 lost 5.1% and the Dow lost 4.6% in the day's trading.
Friday was when hotter-than- expected inflation data spooked investors. The S&P 500 and Nasdaq both lost ground.
The Bureau of Labor Statistics reported Friday that the U.S. consumer price index increased last month by 8.6%. The gain was higher than economists expected. The so-called coreCPI, which takes out food and energy prices, came in higher than expected.
The University of Michigan's consumer sentiment index registered at a record low of 50.2 in June.
The Federal Reserve is expected to announce at least a half-point rate hike on Wednesday. The Fed has raised rates twice this year, including a 50-basis-point increase in May.
There were no signs of inflation peaking in the May report. Ed Yardeni is the president of Yardeni Research.
Both investor and consumer sentiment have gone sour. He said that pervasive bearishness may not be as useful a contrarian bullish signal as in the past.
Consumer prices and recession fears have made it difficult for stocks to perform. Through Friday, the S&P 500 was down 18.2%. The record was set in January. The S&P 500 is down 27.5% this year and is 30% below an all-time high set in November.
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