A trader works on the floor of the New York Stock Exchange (NYSE) in New York on January 12, 2026.
Angela Weiss | Afp | Getty Images
Stock futures were near flat Monday night as investors awaited the release of consumer inflation data and key bank earnings results.
Futures tied to the Dow Jones Industrial Average lost 45 points, or about 0.1%. S&P 500 futures slipped 0.1%, while Nasdaq 100 futures also declined 0.1%.
The consumer price index report due Tuesday is expected to give a fuller picture of prices after disruptions caused by the prolonged U.S. government shutdown last fall. Economists expect the report to show prices rose 2.7% in the twelve months ending in December, according to Dow Jones consensus estimates. That would be in line with the lower-than-expected November CPI results.
Eyes are on the CPI after the December jobs report reflected a slightly weakening, yet stable, labor market that likely encouraged the Federal Reserve to hold off on interest rate cuts. Fed funds futures are pricing in two quarter point cuts this year, starting in June, according to the CME FedWatch tool.
“Investors will likely be watching closely to see whether the recent disinflationary momentum can be sustained now that the BLS has resumed normal operations,” said Angelo Kourkafas, senior global strategist at Edward Jones. “In recent months, goods prices have risen from relatively low levels, likely reflecting tariff‑related cost pass. By contrast, services inflation has shown encouraging signs of gradual moderation. We expect cooling labor‑market conditions to contribute to further easing in services inflation over the course of 2026.”
Investors are also watching for JPMorgan’s fourth-quarter earnings results set to release before market open Tuesday. The bank will kick off a slew of quarterly reports expected from major financial institutions, such as Bank of America, Citigroup and Morgan Stanley, in the coming days.
Hank Smith, head of investment strategy at Haverford Trust, expects bank earnings to come out strong. Major banks should benefit from tailwinds such as accelerating economic growth, strong lending with a steeper yield curve adding to profitability and deregulation, he said.
Monday’s regular trading session saw the S&P 500 and the 30-stock Dow hit fresh records as investors moved past news of the Department of Justice’s criminal investigation into Federal Reserve Chair Jerome Powell. The Russell 2000 index also reached an all-time high.
Powell, whose term as chair is up in May, said the investigation is yet another attempt by President Donald Trump to pressure the Fed’s monetary policy. Trump has relentlessly called for significantly lower interest rates. The stock market has largely brushed off Trump’s attempts to pressure the Fed, as the central bank cut its benchmark interest rate three times in late 2025 to support its dual mandate.
Separately, the U.S. president called to cap credit card rates for one year at 10%, which weighed on bank shares in regular trading.
Trump on Monday evening also said that any country doing business with Iran will face a 25% U.S. tariff rate.