U.S. stock futures were down ahead of Wednesday’s session as investors await a slew of major bank earnings reports and a key inflation reading this week. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were down 0.13%, 0.15%, and 0.14%, respectively, at 12:02 a.m. EDT on July 16.
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On Tuesday, the major stock indices witnessed a mixed performance. The S&P 500 and the Dow Jones declined 0.4% and 1%, respectively. However, the Nasdaq Composite rose 0.2% to achieve a record close.
The market sentiment was influenced by June’s consumer inflation report, which revealed a 0.3% monthly increase and a 2.7% year-over-year rate, in line with consensus estimates.
Looking ahead, investors await another key inflation update on Wednesday, the Producer Price Index (PPI) report for June. Economists currently predict a 0.2% month-over-month increase.
On the earnings front, major banks such as Bank of America (BAC), Goldman Sachs (GS), and Morgan Stanley (MS) are set to release their results before the opening bell.