Traders work on the floor of the New York Stock Exchange moments before the Closing Bell and the start of President Donald Trump’s news conference on tariffs on April 02, 2025 in New York City.
Spencer Platt | Getty Images
Stock futures ticked lower on Tuesday evening, as investors awaited earnings releases from several big banks and the latest wholesale inflation report.
Futures tied to the Dow Jones Industrial Average pulled back 84 points, or 0.19%, while S&P 500 futures lost 0.21%. Nasdaq 100 futures slipped 0.24%.
In the regular trading session, the S&P 500 lost 0.4% and the Dow fell more than 400 points. The Nasdaq Composite outperformed, however, rising about 0.2% and posting a record close. The tech-heavy index got a boost from shares of Nvidia, which rose 4% after the company said it hopes to resume its H20 AI chip sales to China “soon.”
June’s consumer inflation report weighed on markets Tuesday, with the headline figures showing a 0.3% increase on the month and a 12-month rate of 2.7%, in line with the Dow Jones consensus.
The reading has fueled some concern for Wall Street, showing the impact of President Donald Trump’s tariffs as they make their way through the economy. Trump over the weekend fanned the flames of his trade war after he announced a 30% tariff on imports from Mexico and the European Union beginning Aug. 1.
Trump also announced that he had reached a trade deal with Jakarta, which included a 19% tariff on the Asian country’s exports to the U.S. Indonesia President Prabowo Subianto later confirmed in an Instagram post that he had a “very good call” with Trump.
“Inflation has started a slow climb as signs of tariff-induced inflation are now evident within durable and nondurable imports,” said Joe Brusuelas, chief economist at RSM U.S. “That prompts an important question: Will service and housing inflation, which is easing but still elevated, cool further to offset what will be a more pronounced increase in durable and nondurable goods?”
“Our sense is that the Federal Reserve will continue to display patience as the direction of inflation evolves,” he added.
Investors will get another inflation reading on Wednesday as June’s producer price index report rolls out. Dow Jones consensus estimates call for a 0.2% increase on a month-to-month basis. Several central bank representatives will be speaking as well, including Richmond Fed President Thomas Barkin and Fed Governor Michael Barr.
On the earnings front, major banks continue to report with Bank of America, Goldman Sachs and Morgan Stanley sharing details before the bell. Results from Johnson & Johnson are also on deck.
