United States stock futures dipped on Monday evening (Tuesday AEDT) after Wall Street closed at fresh highs, ahead of bank earnings and inflation data tomorrow.
S&P 500 futures had dropped 0.1% to 7,008.50 by 10:20 am AEDT (11:20 pm GMT). Dow Jones futures were down 0.1% to 49,740.00 and Nasdaq futures had shed 0.1% to 25,923.75.
During the regular trading day, the S&P 500 closed 0.2% higher, the Dow Jones Industrial Average was up 0.2%, and the Nasdaq Composite increased 0.3%. The S&P and Dow reached new intraday highs and record closes.
Banking stocks fell during the day after U.S. President Donald Trump called for a one year cap on credit card interest rates of 10% but began to tick back up in after-hours trading.
Capital One shares were up 0.4% after-hours, while JPMorgan Chase was up 0.1% and Citigroup was flat. Visa shares rebounded 0.2%, though Mastercard was unchanged.
Major banks like JPMorgan Chase, Bank of America, Citigroup, and Goldman Sachs will report earnings this week, with JPMorgan Chase’s due before the market opens tomorrow.
“A surge in investment banking revenue as dealmaking accelerates is expected to bolster the banks' fourth-quarter results, while investors will focus on their commentary related to consumer spending as a crucial read into the broader economy's health,” wrote Zacks Investment Research chief equity strategist John Blank.
U.S. consumer price index data for December will be released tomorrow. Economists project prices will have grown 2.7% annually, per Dow Jones estimates, similar to the 2.7% seen in November.
While the Department of Justice has launched a criminal probe into Federal Reserve chair Jerome Powell, markets largely shook off the threats to the Fed’s independence, as it follows U.S. President Donald Trump’s repeated calls to fire or investigate Powell for refusing to cut interest rates aggressively.
Trump also said today that all countries trading with Iran would face a 25% tariff rate.
