Stocks were on course to open in the red on Wednesday as investors waited for bank results, a slew of economic data, and a potential Supreme Court ruling on the Trump administration’s sweeping tariffs.
Futures tracking the Dow Jones Industrial Average slid 98 points, or 0.2%. S&P 500 futures dropped 0.2%, and contracts tied to the Nasdaq were 0.3% lower.
Investors will be hoping that isn’t a sign of things to come, with Wall Street titans Bank of America, Citigroup, and Wells Fargo all set to post their quarterly results ahead of Wednesday’s opening bell.
JPMorgan “didn’t exactly get things off in auspicious fashion, with top- and bottom-line misses,” Michael Brown, a strategist at the foreign-exchange brokerage Pepperstone, said.
“Given that a key pillar of the bull case, which I continue to endorse, is robust earnings growth, it’s safe to say that I’ll be looking for rather more rosy figures from the other banks,” he added.
Producer-price inflation data for December and retail sales figures are also due out on Wednesday, and Federal Reserve Governor Stephen Miran is set to discuss monetary policy at the Delphi Economic Forum in Athens.
The Supreme Court has also scheduled an opinion day, meaning it could rule on the case regarding the tariffs President Donald Trump imposed using the International Emergency Economic Powers Act.
The yield on the 10-year Treasury note was flat at 4.18%. The dollar was unchanged against a weighted basket of its peers. Gold futures climbed 0.7% to $4,633 an ounce. Bitcoin, the largest cryptocurrency by total market capitalization, jumped 3.2% over the past 24 hours to $94,970.