New York, Jan 13, 2026, 06:03 EST — Premarket
- Dow E-mini futures slipped roughly 0.1% in early U.S. trading, while S&P 500 and Nasdaq futures also edged lower.
- JPMorgan Chase is set to report earnings before the opening bell, marking the start of fourth-quarter results for the big U.S. banks.
- Investors are focused on December’s CPI data and the repercussions of a criminal investigation involving Fed Chair Jerome Powell.
Dow Jones Industrial Average futures slipped Tuesday morning as traders prepared for the U.S. inflation data and the initial big bank earnings of the quarter. At 5:09 a.m. ET, Dow E-minis fell 66 points, or 0.13%. JPMorgan shares, meanwhile, were up 0.6% in premarket trading ahead of its earnings release. 1
At 8:30 a.m. ET, all eyes will be on the Labor Department’s release of December’s consumer price index figures — a key report that could sharply alter expectations for the Fed’s next move on interest rates. 2
Economists surveyed by Reuters project a 0.3% rise in the CPI for December, with the yearly rate holding at 2.7%. Core CPI, excluding food and energy, is also expected to climb 0.3% monthly, maintaining its annual pace at 2.7%, according to Reuters. Oscar Munoz of TD Securities anticipates “a meaningful payback” following price-collection disruptions caused by the 43-day government shutdown. 3
Markets opened following a fresh all-time high for the Dow on Monday, which gained 0.17% to close at 49,590.20 after a shaky start. Gold surged to a record close to $4,600 an ounce amid investor concerns over mounting political pressure on the central bank. Marc Chandler, currency strategist at Bannockburn Global Forex, commented that this event “ended the dollar’s New Year bounce.” 4
The situation remains tangled. U.S. prosecutors have launched a criminal probe into Fed Chair Jerome Powell—something Powell dismissed as a “pretext” aimed at swaying interest-rate decisions, according to Reuters. The move has drawn sharp rebukes from several Republican senators and former Fed leaders. Evercore ISI’s Krishna Guha noted that markets found “substantial reassurance” in the resistance emerging within Congress. 5
Some investors fear lasting harm if the political battle intensifies. Karl Schamotta, chief market strategist at Corpay, warned that “trying to influence the central bank through aggressive legal threats” might “drive inflation expectations higher” and push long-term yields up. 6
Earnings are competing with macro data for traders’ attention. Before markets open Tuesday, JPMorgan Chase, Bank of New York Mellon, and Delta Air Lines are set to release their results, Nasdaq reported. 7
The SPDR Dow Jones Industrial Average ETF (DIA) — a popular stock proxy for the Dow — slipped 0.12% in premarket action, trading at $495.31. It had closed Monday at $495.90. 8
The Dow and other key U.S. indexes have started the year on a high note. The Dow has risen 3.2% year to date, the S&P 500 is up 1.9%, and the Russell 2000 has jumped 6.2%, per an Associated Press tally at Monday’s close. 9
The morning promises volatility. A hotter CPI reading could drive Treasury yields up, squeezing stocks reliant on cheap borrowing. On the flip side, a softer print might reignite bets on rate cuts later this year.
Coming next: the CPI report at 8:30 a.m. ET, then a wave of bank earnings hits before the opening bell — these two events are the biggest factors likely to steer the Dow once the market opens. 10
