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U.S. stock futures declined in pre-market trading Thursday as Wall Street weighed another decades-high inflation print.

Futures tied to the Nasdaq fell 206 points, or 1.37% following a fresh read on the CPI Index that reflected a 7.5% annual gain in January, the fastest rise since 1982. Contracts on the S&P 500 and Dow Jones Industrial Average also fell lower.

In the previous session, Wall Street’s main benchmarks were lifted by an influx of strong corporate earnings.The Walt Disney Company (DIS), a component of the Dow, unveiled first quarter 2022 results after the bell on Wednesday that sharply beat estimates. Better than expected growth for the entertainment giant’s streaming service Disney+ and a recovery in theme park attendance sent shares up as much as 9% after the report. Uber (UBER) also posted results after market close, revealing quarterly revenue that topped analyst forecasts and indicated headwinds caused by the Omicron COVID surge have eased.

In Wednesday’s main session, Chipotle Mexican Grill’s (CMG) was in the spotlight when shares popped after the fast-casual restaurant chain posted a quarterly earnings beat and saw margins expand, despite concerns over food price inflation and labor costs.

“Last year, it was all about ‘tell me the story and how great it is,’ while this year, it’s ‘show me the money and show me that you’re growing profitably — that you have cash flow,’” Satori Fund founder and portfolio manager Dan Niles told Yahoo Finance Live.

After a surprise shift by the Federal Reserve on how aggressively it would tighten monetary conditions rocked equities in January, investors have found relief in strong earnings over recent weeks. Bank of America said in its latest update that S&P 500 earnings per share (EPS) are exceeding consensus expectations by 6% so far for the latest quarter and tracking toward a growth rate of well over 20% on a year-over-year basis.

But as earnings season winds down, investors will turn their attention to macroeconomic concerns. On Thursday, sights will be set on the January Consumer Price Index (CPI), expected to show a fresh 39-year high rate of inflation.

“We do think the focus shifts back to the macro side of the ledger this week,” Stuart Kaiser, UBS head of equity derivatives research, told Yahoo Finance Live on Tuesday, adding the European Central Bank and Bank of England are tightening monetary policy along with the Fed and a series of high inflation prints are expected in coming months. “When we put that all together, we don’t think the bumpy ride is over.”

The benchmark 10-year yield eased back from its highest level since November 2019 on Wednesday to 1.92% after ticking up to 1.96%.

“Even though we see the yield curve start flattening, we are watching the 10-year very closely and the CPI number tomorrow,” ERShares chief operating officer and chief investment strategist Eva Ados told Yahoo Finance Live, adding the three factors to monitor in the data are costs associated with labor, food prices, and energy.

“The 10-year is approaching 2%,” Ados said. “Once that happens, that will trigger a psychological level and more anxiety in markets.”

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