New York, Jan 13, 2026, 04:25 EST
- U.S. stock index futures slipped slightly as investors awaited the CPI inflation report and the kickoff of major bank earnings.
- Economists forecast December’s CPI to climb 0.3% month-over-month, with core CPI expected to mirror that 0.3% gain
- Gold stayed above $4,600 an ounce as investors digested the Justice Department’s action against Fed Chair Jerome Powell
U.S. stock index futures slipped in early trading Tuesday as investors awaited the consumer price index (CPI) data and the initial batch of major bank earnings. The markets remain unsettled by the Justice Department’s probe involving Federal Reserve Chair Jerome Powell. S&P 500 futures dropped 0.1%, Nasdaq futures lost 0.3%, while Dow futures edged down roughly 0.1%. 1
The CPI report arrives as investors wrestle with a fundamental question amid political turmoil: will the Fed stick to traditional rate-setting, or does this escalate into a fight that spills into policy? Reuters quoted investors noting that confidence in the Fed’s independence underpins the dollar’s safe-haven status and the trajectory of long-term borrowing costs. 2
Economists forecast consumer prices will climb 0.3% in December and 2.7% compared to last year, following a government shutdown last fall that disrupted price data and pulled November inflation lower. Core CPI, which excludes food and energy, is also expected to rise 0.3% monthly and 2.7% annually. Oscar Munoz of TD Securities noted the figures may reflect a “meaningful payback” as earlier data collection problems ease. 3
Powell dismissed the subpoenas as mere pretexts in a statement, casting the issue as more than a simple renovation disagreement. He warned the real battle is whether monetary policy will be driven by “evidence and economic conditions” or succumb to “political pressure or intimidation.” 4
Stocks rallied past early weakness on Monday, closing at record levels. The S&P 500 gained 0.16% to 6,977.27, while the Dow added 0.17%, ending at 49,590.20. Walmart surged 3%, but Citigroup slipped 3%, and Capital One dropped 6.4% after Trump proposed a one-year 10% cap on credit-card interest rates starting Jan. 20. Peter Cardillo, chief market economist at Spartan Capital Securities, called the Powell investigation “telegraphed,” noting investors shrugged it off. 5
The dollar slipped further, while Treasury yields climbed in early trading Monday. The 10-year yield closed at 4.189%, and the dollar index dropped 0.34% to 98.90. “This just ended the dollar’s New Year bounce,” noted Marc Chandler of Bannockburn Global Forex. 6
Gold surged past $4,600 an ounce, hitting a new record, while silver climbed to a fresh high as investors sought safe havens. Spot gold was up 2.2%, trading at $4,609.58 in New York’s afternoon session. “Elevated uncertainty plays directly into the gold market,” noted Michael Haigh, Societe Generale’s global head of commodities research. 7
London’s FTSE 100 hit a record high on Monday, boosted by gains in mining stocks amid a gold rally. The pound rose roughly 0.5% against the dollar, putting extra strain on exporters. 8
Tuesday’s inflation data could get complicated. Economists warn the shutdown threw off price collection, possibly making December’s figures more volatile as things settle back to normal. According to FactSet’s consensus, cited by AP, annual CPI is forecast to ease to 2.6%, though monthly inflation is still pegged at 0.3%—a level the Fed likely won’t welcome. 9
