U.S. stock futures were fluctuating on Tuesday after ending higher on Monday. Futures of major benchmark indices were mixed.
Investors are bracing for June’s release of the Consumer Price Index. Economists anticipate the headline inflation rate to climb from 2.4% in May to 2.7% in June—the highest since January and a pace of acceleration unseen since late 2023.
Monthly, the CPI is expected to rise 0.3%, up from 0.1% in May, marking the fastest monthly increase of the year.
Meanwhile, big bank earnings season also kicks off today, with key industry heavyweight JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C), and Wells Fargo Corp. (NYSE:WFC) headlining a crucial reporting day for financials.
The 10-year Treasury bond yielded 4.42% and the two-year bond was at 3.90%. The CME Group's FedWatch tool’s projections show markets pricing a 95.3% likelihood of the Federal Reserve keeping the current interest rates unchanged in its July meeting.
| Futures | Change (+/-) |
| Dow Jones | -0.08% |
| S&P 500 | 0.36% |
| Nasdaq 100 | 0.58% |
| Russell 2000 | 0.08% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were higher in premarket on Tuesday. The SPY was up 0.37% at $627.15, while the QQQ advanced 0.60% to $559.52, according to Benzinga Pro data.
Cues From Last Session:
Sectors that gained on Monday included financial, communication services, and real estate stocks, leading most of the S&P 500 to close positively.
Conversely, energy and materials sectors bucked the trend, ending the session lower. Overall, U.S. stocks settled higher.
Separately, Fastenal Company (NASDAQ:FAST) reported better-than-expected second-quarter earnings. Shares of Daré Bioscience, Inc. (NASDAQ: DARE jumped approximately 23% after the company announced interim safety and efficacy results from its ongoing Phase 3 clinical trial for Ovaprene.
| Index | Performance (+/-) | Value |
| Nasdaq Composite | 0.27% | 20,640.33 |
| S&P 500 | 0.14% | 6,268.56 |
| Dow Jones | 0.20% | 44,459.65 |
| Russell 2000 | 0.67% | 2,249.73 |
Insights From Analysts:
Senior economist at WisdomTree, Jeremy Siegel, said that the public firms in the U.S. were beginning to quantify potential damage from tariffs, though these estimates remain based on previously announced rates, not the most recent escalation threats.
He highlighted that the official impact will start to show in the July data, but those numbers won't be released until August or even September. Investors will have to watch high-frequency indicators like jobless claims and credit card spending, in the meantime, he added.
“The real risk is that rising tariffs will continue to sap purchasing power just as economic momentum is already slowing. While I don't see a recession looming, growth is undeniably weaker than what we saw through much of 2024,” he added.
Meanwhile, the analysts at BlackRock highlighted two ways to capture alpha and earn returns in the market in their latest commentary.
“U.S. tariffs could intensify already elevated dispersion, making this a more rewarding environment for alpha,” their note stated.
- One way to capture that alpha? Reduce the potential drag from static factor exposures by deliberately managing macro risk.
- Another approach to capturing alpha: avoiding macro factor risk in favor of security-specific risk.
The note thus added that “Dynamically managing macro risk and taking security-specific risk can help capture it (alpha). We eye selective global opportunities.”
See Also: How to Trade Futures
Upcoming Economic Data
Here’s what investors will keep an eye on Tuesday:
- June’s headline and core consumer price index data, and the Empire State manufacturing survey, will be released by 8:30 a.m. ET.
- Fed Governor Michelle Bowman will speak at 9:15 a.m., Fed Governor Michael Barr will speak at 12:45 p.m., Boston Fed President Susan Collins will speak at 2:45 p.m., and Dallas Fed President Lorie Logan will speak at 6:45 p.m. ET.
Stocks In Focus:
- JPMorgan Chase & Co. (NYSE:JPM) was up 0.33% in premarket on Tuesday as analysts expect it to report earnings of $4.48 per share on revenue of $44.17 billion before the opening bell.
- Wells Fargo & Co. (NYSE:WFC) fell 0.26% as it is expected to report earnings before the opening bell. Analysts estimate earnings of $1.40 per share on revenue of $20.78 billion.
- Bank of New York Mellon Corp. (NYSE:BK) was 0.10% higher as analysts expect it to report earnings of $1.76 per share on revenue of $4.83 billion before the opening bell.
- Citigroup Inc. (NYSE:C) advanced 0.47% as it is expected to report earnings before the opening bell. Analysts estimate earnings of $1.62 per share on revenue of $20.89 billion.
- Longevity Health Holdings Inc. (NASDAQ:XAGE) surged 75.80% after announcing a merger with THPlasma and the termination of its transaction with 20/20 BioLabs. This strategic move is expected to leverage plasma synergies to drive bioaesthetic innovation.
- BloomZ Inc. (NASDAQ:BLMZ) zoomed 66.08% after it signed an MoU with HYPRCOMMUNITY to develop an AI-driven VTuber social platform.
- Brazil Potash Corp. (NYSE:GRO) jumped 43.45% after signing an MoU with Fictor & Wtt S.A. for $200 million in power line construction.
- Glimpse Group Inc. (NASDAQ:VRAR) advanced 28.14% after releasing preliminary unaudited results, showcasing remarkable performance with revenue reaching $3.50 million, marking a 100% increase from the previous quarter.
Commodities, Gold, And Global Equity Markets:
Crude oil futures were trading lower in the early New York session by 0.55% to hover around $66.61 per barrel.
Gold Spot US Dollar rose 0.49% to hover around $3,359.84 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was lower by 0.10% at the 97.9830 level.
Asian markets ended higher on Tuesday, as India's S&P BSE Sensex, Japan's Nikkei 225, Australia's ASX 200, China’s CSI 300, Hong Kong's Hang Seng, and South Korea's Kospi indices rose. European markets were mixed in early trade.
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