US stock futures were little changed Monday night as investors braced for a pivotal inflation reading and the start of earnings season for major banks.
Dow Jones Industrial Average futures (YM=F) rose 0.2%. While contracts on the S&P 500 (ES=F) and Nasdaq 100 (NQ=F) slipped 0.1%.
Markets are largely in wait-and-see mode ahead of Tuesday’s release of the December consumer price index, which is expected to offer a clearer snapshot of inflation trends after reporting disruptions tied to last year’s record-length government shutdown. Analysts surveyed by Bloomberg expect inflation to have remained steady last month.
The data takes on added importance after December’s jobs report pointed to a cooling labor market. Futures markets are currently pricing in two quarter-point cuts in 2026, with the first expected in June, according to CME Group’s FedWatch tool.
During Monday’s regular session, stocks pushed to new highs. The S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) both notched fresh records, as investors largely shrugged off headlines surrounding a Justice Department criminal investigation involving Federal Reserve Chair Jerome Powell.
Powell, whose term expires in May, characterized the probe as political pressure from President Trump, who has repeatedly called for aggressive rate cuts. Markets have largely dismissed those efforts, noting the Fed already lowered interest rates three times in late 2025 to support economic growth.
Still, bank stocks faced some pressure after Trump proposed a one-year cap on credit card interest rates at 10%. Separately, the president said Monday evening that countries continuing business with Iran would face a 25% US tariff, adding another layer of geopolitical uncertainty to the market backdrop.
Attention is looking ahead to corporate earnings, with JPMorgan Chase (JPM) set to report fourth-quarter results before Tuesday’s opening bell. The report kicks off a busy stretch for big banks on Wall Street, with Bank of America (BAC), Citigroup (C), and Morgan Stanley (MS) scheduled to follow later in the week.
Coming soon
Stock market coverage for Tuesday, January 13, 2026