Stock market today: Dow, S&P 500, Nasdaq futures slip as bank earnings roll in, tariff ruling looms
US stock futures inched lower on Wednesday, poised to add to a pullback that dragged the Jones Industrial Average and the S&P 500 off record highs.
Dow futures (YM=F) slipped 0.2%, while those on the S&P 500 (ES=F) and the tech-heavy Nasdaq 100 (NQ=F) were roughly 0.2% lower, too, on the heels of closing losses.
In a week defined by big bank earnings, Bank of America (BAC), Wells Fargo (WFC) and Citigroup (C) are all set to report earnings before market open on Wednesday. Investors will also parse fresh inflation data when December’s producer price index is released. Their reports come after JPMorgan Chase (JPM) led off earnings season Tuesday with an underwhelming release, spurring a sell-off in its shares.
Investors will be also paying close attention to the Supreme Court, which has yet to rule on a closely watched challenge to President Trump’s tariff authority. The first potential decision date passed last week with no changes to the status quo, but the court has its next scheduled opinion release for Wednesday.
In a social media post on Monday, Trump framed the case as a national security flashpoint, writing, “If the Supreme Court rules against the United States of America on this National Security bonanza, WE’RE SCREWED!”
Meanwhile, Trump’s criticism of Federal Reserve Chair Jerome Powell escalated Tuesday, adding to concerns about the central bank’s independence as the Justice Department began a criminal investigation into the Fed leader. The legal move has been contentious, with Trump facing pushback from business leaders and even fellow Republicans amid question’s over the Fed’s independence.
Financial names also face presidential pressure following Trump’s renewed push for a one-year cap of 10% on credit card interest rates. Shares of Visa (V) and Mastercard (MA) closed lower Tuesday as investors weighed the potential impact on payment networks.
LIVE 3 updates