Wall Street futures trade mixed today: 5 things to know before the market opens

• June CPI is expected to ease to 3.8% annually from 4.2% in May, but recent oil price jumps since the measurement period may limit relief and shift investor focus to forward-looking energy inflation risks
• Five major banks (JPMorgan, Bank of America, Goldman Sachs, Wells Fargo, Citigroup) report earnings today, testing whether profits can support the S&P 500's roughly 10% year-to-date advance
• Brent crude hit one-month highs above $85 after US strikes on Iran and Trump's threat to blockade Iranian shipping and seek reimbursement on 20% of Strait of Hormuz cargo, raising supply disruption fears

Market Summary

Market Overview:

US stock futures traded mixed on Tuesday, July 14, 2026, with Dow Jones futures down 141 points (-0.3%), S&P 500 futures flat, and Nasdaq-100 futures up 0.44%. Markets face multiple headwinds including surging oil prices, crucial inflation data, and major bank earnings.

Key Developments:

1. Inflation Data: June CPI report expected to show annual inflation easing to 3.8% from 4.2% in May, with core inflation holding near 2.9%. However, recent oil price surges may diminish the impact of these backward-looking figures.

1. Bank Earnings: Major financial institutions—JPMorgan, Bank of America, Goldman Sachs, Wells Fargo, and Citigroup—report earnings today. Results will test whether corporate profits can sustain the S&P 500's 10% year-to-date gain.

1. Oil Crisis: Brent crude hit $85 per barrel, the highest in a month, following three consecutive nights of US strikes on Iran. President Trump announced plans to restore Iran's shipping blockade and seek 20% reimbursement on cargo through the Strait of Hormuz, which carries one-fifth of global oil supplies.

1. Fed Testimony: Fed Chair Kevin Warsh delivers semi-annual monetary policy testimony to Congress at 10 AM. Governor Christopher Waller signaled Monday that persistent inflation may require tighter policy.

1. Sector Performance: Semiconductor stocks attempted a rebound after technology stocks declined 1.6% in the previous session due to higher oil prices and rising Treasury yields.

Market Implications:

Energy-driven inflation concerns threaten to derail the equity rally, with particular pressure on growth stocks. The confluence of geopolitical risk, inflation data, and earnings creates heightened volatility potential.