Stock Futures Point Lower Ahead of CPI Inflation Data; JPMorgan Posts Mixed Results to Kick Off Bank Earnings Season

Stock futures slipped Tuesday, a day after the S&P 500 and Dow Jones Industrial Average set fresh records, as investors awaited a consumer inflation reading and bank earnings season kicked off. 

Nasdaq 100, S&P 500, and Dow Jones Industrial Average futures pointed 0.2%, 0.1%, and 0.1% lower, respectively. Yesterday, investors shook off news of a Justice Department probe into Federal Reserve Chair Jerome Powell, with the S&P 500 and Dow hitting fresh intraday and closing highs, and the tech-heavy Nasdaq also ending in the green.

A report on inflation at 8:30 a.m. ET Tuesday from the Bureau of Labor Statistics is likely to show the Consumer Price Index rose 2.7% year-over-year in December, the same annual rate as in November, , according to a survey of economists by Dow Jones Newswires and The Wall Street Journal. Meanwhile, “core” prices, which exclude volatile food and energy prices, are expected to have risen 2.8% over 12 months, up from 2.6% in November.

If forecasts are on target, it would represent inflation pressures edging higher after unexpectedly decelerating in November. Inflation has run hotter than the Federal Reserve’s target of a 2% annual rate since 2021, and has been pushed up in recent months by President Donald Trump’s campaign of tariffs.

Investors also were focused on fiscal 2025 fourth-quarter results from JPMorgan Chase (JPM), which kicked off bank earnings season. The largest U.S. bank reported slightly lower-than-expected revenue but an adjusted profit beat, and shares rose less than 1% before the bell.

“The U.S. economy has remained resilient. While labor markets have softened, conditions do not appear to be worsening,” JPMorgan CEO Jamie Dimon said. “Meanwhile, consumers continue to spend, and businesses generally remain healthy. These conditions could persist for some time, particularly with ongoing fiscal stimulus, the benefits of deregulation and the Fed’s recent monetary policy. However, as usual, we remain vigilant, and markets seem to underappreciate the potential hazards—including from complex geopolitical conditions, the risk of sticky inflation and elevated asset prices.”

Bank stocks slid yesterday after President Donald Trump over the weekend suggested capping credit card interest rates at 10%, but generally ticked higher in premarket trading.

Delta Air Lines (DAL) stock fell nearly 6% before the bell after its fiscal 2026 profit forecast came in below expectations.

Gold futures, considered a haven during market turbulence, were down 0.4% to $4,595 an ounce after setting a record high of $4,640 an ounce Monday. Silver futures, which hit their own new all-time high of $86.34 an ounce yesterday, were up 0.6% to $85.60 an ounce.

West Texas Intermediate futures, the U.S. crude oil benchmark, rose 1.5% to $60.35 a barrel after President Trump said any country doing business with Iran would face a 25% U.S. tariff.

The 10-year Treasury yield, which influences interest rates on a variety of commercial and consumer loans, rose to 4.20% from Monday’s close above 4.18%.

Bitcoin was trading around $92,100, up from the day’s low of roughly $90,900. The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, edged 0.1% higher to 98.97.