Dow Futures pointed to a mixed open on Wednesday, with investors waiting on key earnings reports from major banks and fresh data on wholesale inflation.
Futures tied to the Dow Jones Industrial Average inched up 17 points, while those for the S&P 500 slipped 0.1%. Nasdaq-100 futures were also down, falling 0.2%.
The cautious investor sentiment came as big names like Bank of America, Goldman Sachs, and Morgan Stanley are set to report their quarterly results before the opening bell.
US President Donald Trump’s recent remarks about imposing tariffs on the pharma sector and semiconductors by the end of this month may weigh on the sentiment today.
5 things to know before Wall Street opens today
1. June’s Consumer Price Index (CPI) report is out, showing inflation cooled more than expected, sparking renewed suspense around the Federal Reserve’s plans for a rate cut later this month.
Investors are now turning their attention to the upcoming retail sales figures, which should shed more light on how consumers are spending and offer a clearer picture of the economy’s underlying strength.
2. Apple has struck a $500 million deal with MP Materials, a company backed by the Pentagon, to lock in a steady supply of rare earth magnets.
The agreement marks one of the first big tech supply moves following China’s recent export restrictions, highlighting how global firms are scrambling to shore up their supply chains in the face of rising geopolitical tensions.
3. Big banks like JPMorgan, Wells Fargo, and Citigroup have mostly topped profit expectations in their latest earnings reports, but the market response has been relatively subdued.
Wells Fargo, despite posting a headline earnings beat, lowered its full-year outlook for net interest income, raising fresh concerns about the sector’s profitability going forward.
Attention now turns to upcoming results from Goldman Sachs and Bank of America, which could offer more clues about the health of the banking industry.
4. The Nasdaq closed at a record high, lifted by a strong rebound in tech, thanks in part to Nvidia, which jumped 4.5% after restarting chip sales to China.
Still, concerns over supply chain disruptions and escalating tariffs continue to cast a shadow over the sector.
Shares of ASML tumbled nearly 7% after the company said it couldn’t guarantee growth in 2026, citing ongoing trade uncertainties.
5. June’s Consumer Price Index rose 0.3% from the previous month and 2.7% year-over-year, right in line with expectations, but still the highest reading in four months.
Core inflation came in a touch softer, up 0.2% on the month and 2.9% annually. Still, early signs that tariffs are starting to push prices higher have taken some steam out of hopes for an imminent Fed rate cut.
As of now, traders are pricing in just a 54% to 56.5% chance of a cut in September, down from around 61% a week ago.
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