Stock Futures Slip Ahead of Flurry of Bank Earnings, PPI Inflation Data; Gold, Silver Set Fresh Record Highs

Stock futures pointed lower Wednesday ahead of the latest batch of bank earnings reports and an inflation reading, while safe-haven gold and silver futures surged to fresh record highs. 

Nasdaq 100, S&P 500, and Dow Jones Industrial Average futures declined a respective 0.5%, 0.4%, and 0.3%.

Major stock indexes closed lower yesterday, with the Dow shedding 400 points, as investors digested a consumer inflation reading that matched expectations and bank earnings season kicked off with a mixed report from JPMorgan Chase (JPM), whose shares declined more than 4%.

Prices of precious metals surged Wednesday, with gold futures hitting an all-time high of nearly $4,650 an ounce and silver crossing the $90-an-ounce threshold for the first time. Gold was up 1% to $4,645 an ounce in recent trading, while silver surged to a record $91.80 an ounce.

Traders are awaiting the Bureau of Labor Statistics’ delayed Producer Price Index report for November, which is set to be released at 8:30 a.m. ET. Economists surveyed by Dow Jones Newswires and The Wall Street Journal expect wholesale prices to have risen 0.3% from September, the last monthly reading before the U.S. government shutdown. Ahead of the reading, the 10-year Treasury yield, which influences interest rates on a variety of commercial and consumer loans, fell to 4.16% from Tuesday’s close above 4.18%.

Financial stocks declined for the second straight day Tuesday after President Donald Trump over the weekend suggested capping credit card interest rates at 10%. Payment processors Visa (V) and Mastercard (MA) were among the biggest S&P 500 decliners yesterday, with shares down 4.5% and 3.8%, respectively, but both inched higher in premarket trading Wednesday.

Bank of America (BAC) and Wells Fargo (WFC) shares were up less than 1% and down nearly 2%, respectively, after reporting fiscal 2025 fourth-quarter results, while Citigroup (C) stock was little changed.

Shares of Nvidia (NVDA) slipped less than 1% after the Trump administration approved the exporting of its H200 AI chips to China but said the world’s most valuable public company must meet new security requirements first.

Netflix (NFLX) stock rose about 1.5% following reports that the streaming giant was preparing to make its $72 billion bid for Warner Bros. Discovery’s (WBD) HBO Max streaming service and studios all-cash, instead of a mix of cash and stock. Paramount Skydance (PSKY) has made a hostile all-cash offer of $77.9 billion for all of WBD, whose shares were little changed. Paramount shares edged lower.

West Texas Intermediate futures, the U.S. crude oil benchmark, rose less than 1% to $61.60 a barrel.

Bitcoin was trading around $95,000, up slightly from the day’s low of roughly $94,100. The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, ticked 0.1% lower to 99.07.