Stock futures are little changed as investors await bank earnings, inflation reading: Live updates
Jeenah Moon | Reuters
U.S. stock futures were little changed Monday night following a winning session for the major averages, as investors await big bank earnings and a key inflation reading.
Dow Jones Industrial Average futures fell by 47 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures dipped 0.08% and 0.05%, respectively.
Wall Street is coming off a positive session Monday, with stocks managing to eke out a gain even after President Donald Trump threatened a 30% tariff on the European Union and Mexico starting Aug. 1. The Dow Jones Industrial Average rose 88 points, or 0.2%. The S&P 500 gained 0.1%, while the Nasdaq Composite climbed about 0.3%.
"You're at the point where the president is talking again about higher tariff rates. That's going to take the effective tariff rate up even higher than we currently anticipated to be," Dan Greenhaus, chief strategist at Solus Alternative Asset Management, told CNBC's "Closing Bell" on Monday. "So, my argument would be, while we determine exactly what that level is going to be, after a truly historic rally off the lows, some breather is is in order."
Still, investors are hoping that a second-quarter earnings season that comes in better than expected will boost a stock market that's at all-time highs. Expectations are low heading into the season. The S&P 500 is projected to post earnings growth of 4.3% on a year-over-year basis, according to FactSet data.
The big banks are set to kick off the season this week, with JPMorgan Chase, Wells Fargo and Citigroup among the companies on Tuesday set to deliver quarterly reports. On Wednesday, Bank of America , Goldman Sachs and Morgan Stanley will also release results.
Investors are also awaiting the June consumer price index, which is expected to show a 0.3% monthly increase and a 2.7% headline reading, according to Dow Jones consensus estimates. Any upside surprise in last month's numbers could spook a market that has yet to see any tariff impact on inflation.
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