New York, January 13, 2026, 06:58 (EST) — Premarket
- U.S. stock index futures dipped modestly ahead of the government’s December CPI report
- Small-business optimism nudged higher in the NFIB survey, with traders bracing for a packed day of data ahead
- Premarket action saw L3Harris react to a Pentagon investment plan, while Delta moved following its 2026 outlook
U.S. stock index futures dipped slightly Tuesday morning as traders braced for the government’s inflation data and kicked off the first big wave of earnings reports.
The consumer price index, or CPI, remains the key driver behind market bets on interest rates. It directly influences Treasury yields and shapes equity valuations, especially for growth stocks that depend on cheaper borrowing.
This week kicks off with a crucial test: can company profits live up to lofty expectations? Banks and airlines lead the charge, offering investors an early glimpse into credit demand, spending patterns, and cost pressures.
At 5:09 a.m. ET, S&P 500 E-mini futures, which mirror the index, slipped 0.14%. Dow E-minis edged down 0.13%, and Nasdaq 100 E-minis dropped 0.24%. On Monday, both the S&P 500 and Dow closed at record highs despite an early dip sparked by reports of a criminal probe into Federal Reserve Chair Jerome Powell. 1
The National Federation of Independent Business reported that its Small Business Optimism Index ticked up 0.5 point to 99.5 in December. At the same time, its uncertainty index dropped to 84, marking the lowest level since June 2024. “2025 ended with a further increase in small business optimism,” said NFIB chief economist Bill Dunkelberg. 2
The Labor Department will drop December’s CPI and real earnings data at 8:30 a.m. ET today, with new-home sales set for 10 a.m. Treasury has several announcements lined up, including a preliminary buyback report and a 30-year bond auction. Fed officials are scheduled to speak at various points throughout the afternoon. 3
A Reuters survey indicates economists predict the CPI will climb 0.3% in December, nudging the annual rate to 2.7%. Core CPI, which strips out food and energy, is also forecasted to rise 0.3% monthly and 2.7% yearly. Oscar Munoz, TD Securities’ chief U.S. macro strategist, expects “a meaningful payback” after recent rent and goods prices were skewed by the 43-day government shutdown. He noted, however, that a full correction in rents might not come until April. 4
JPMorgan Chase posted a 7% drop in fourth-quarter net income, landing at $13 billion. But adjusted earnings, excluding a one-time charge related to the Apple Card acquisition from Goldman Sachs, climbed to $14.7 billion. Shares in JPMorgan rose 1.4% in premarket trading as investors digested a forecasted $105 billion expense for 2026 and a regulatory push to limit credit-card rates to 10%. 5
BNY Mellon, the custodian bank, reported a fourth-quarter profit of $1.43 billion, up from $1.13 billion a year ago. It also bumped its return-on-tangible-common-equity target to roughly 28%, up from 23%. This metric excludes goodwill and other intangibles, serving as a crucial profitability indicator for bank investors. 6
Delta Air Lines expects earnings to grow about 20% in 2026 and announced a deal to purchase 30 Boeing 787-10 aircraft as part of a long-haul fleet overhaul. Shares dropped nearly 5% in premarket trading after the forecast came in mostly below expectations. CEO Ed Bastian called the outlook “upbeat” but flagged ongoing policy and geopolitical risks. 7
Chipmakers Intel and AMD saw buying interest after KeyBanc analyst John Vinh bumped both to “overweight,” citing stronger demand for server CPUs powering data centres. Intel climbed 3.3% to $45.50 in premarket action, while AMD added 1.5% to $210.88. Vinh also raised his price targets to $60 for Intel and $270 for AMD. 8
L3Harris Technologies surged 11.4% in premarket trading after the Pentagon announced a $1 billion investment in the company’s rocket-motor division. The defense contractor also revealed plans to spin off the unit with a public listing scheduled for the second half of 2026. “We are fundamentally shifting our approach to securing our munitions supply chain,” said Michael Duffey, under secretary of defense for acquisition and sustainment. 9
But things can shift fast in the morning. If CPI comes in hotter or core services stay stubbornly high, Treasury yields will probably climb, forcing a reassessment of the Fed’s timeline for rate cuts. That scenario typically hits tech and other rate-sensitive stocks hardest.
