U.S. stock futures traded mixed early Tuesday as markets braced for the June Consumer Price Index (CPI) release and major bank earnings reports. Fed Governor Christopher Waller warned on Monday that another hot core inflation reading could put rate hikes back on the table, while renewed tensions around the Strait of Hormuz lifted crude oil prices following a third consecutive night of U.S. airstrikes against Iran. The new Fed Chair, Kevin Warsh, will deliver his first semiannual Monetary Policy Report to Congress at 10:00 a.m. ET, with five of the six largest U.S. banks—JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs—reporting earnings before the opening bell. As of 4:00 a.m. ET, Nasdaq futures gained 0.3%, Dow futures fell 0.2%, and S&P 500 futures remained flat. Investors are navigating heightened policy uncertainty as the Federal Reserve assesses inflation data under new leadership while geopolitical risks support commodity prices.
Fed Governor Waller Warns on Inflation Risks Ahead of Warsh Testimony
Fed Governor Christopher Waller stated on Monday that a hot core inflation reading could put rate hikes back on the table. The June CPI print is scheduled for release at 8:30 am ET. Fed Chair Kevin Warsh will deliver his first semiannual Monetary Policy Report to Congress at 10:00 a.m. ET. Investors will also monitor later remarks from Fed officials Michael Barr, Austan Goolsbee, Lisa Cook, and Michelle Bowman.
Five Major U.S. Banks Report Earnings Before Opening Bell
JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), and Goldman Sachs (GS) report earnings before the opening bell. Earnings season officially kicks off with these reports, as investors look for cues on whether the recent banking rally is fundamentally supported.
U.S. Airstrikes Near Strait of Hormuz Lift Crude Oil Prices
Crude oil prices rose following a third consecutive night of U.S. airstrikes against Iran near the critical Strait of Hormuz. On Monday, President Donald Trump stated that he believes the U.S. will "end up controlling the whole thing," though a future diplomatic deal remains possible. Spot gold hovered around $4,000/oz.
Stock-Specific Catalysts: Nvidia, Apple, Circle Internet in Focus
Nvidia (NVDA) halved its Asia buyer list due to stricter U.S. crackdowns on AI chips to China, according to an FT report. Apple Inc. (AAPL) slipped in early premarket trade after surging to a new 52-week high on Monday, with data revealing it secured a record 20% global smartphone market share despite global industry shipments hitting a 13-year low. Circle Internet (CRCL) slipped in early premarket trade after Mizuho downgraded the stock to Underperform, warning that competitive pressures could compress its revenue model. Five telecom giants—Verizon (VZ), Charter (CHTR), AT&T (T), Comcast (CMCSA), and T-Mobile (TMUS)—saw their price targets cut by Bernstein due to mounting long-term competitive threats from SpaceX's expanding satellite network.
FAQ
What did Fed Governor Waller say about inflation on Monday?
Fed Governor Christopher Waller warned on Monday that another hot core inflation reading could put rate hikes back on the table.
Which major U.S. banks are reporting earnings before the opening bell?
JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), and Goldman Sachs (GS) report earnings before the opening bell.
Why did crude oil prices rise early Tuesday?
Crude oil prices rose following a third consecutive night of U.S. airstrikes against Iran near the Strait of Hormuz, with President Donald Trump stating on Monday that he believes the U.S. will "end up controlling the whole thing."
