The stock market is going down today primarily due to investor caution ahead of new U.S. inflation data, which could impact expectations for Federal Reserve interest rate cuts. Stock futures for major indices like the Dow Jones, S&P 500, and Nasdaq pulled back as traders are concerned about the pace of rate reductions amid signs of a resilient economy. This sentiment is compounded by ongoing worries about tariffs, particularly those imposed by the Trump administration, and recent weak earnings forecasts from some tech companies such as Caterpillar and Dell Technologies. The market rally from previous highs is facing pressure as investors prepare for possible changes in monetary policy based on the upcoming inflation report.

Key Factors for Today's Decline:

• Anticipation of inflation data influencing Federal Reserve rate cut expectations.
• Pressure from ongoing U.S. tariffs affecting corporate outlooks.
• Earnings concerns from major tech companies.
• General cautiousness after recent record highs in the market.

Thus, the market decline today reflects a mix of macroeconomic uncertainty, policy anxieties, and specific corporate profit warnings.