US pre-open: Stocks to pull back ahead of CPI, Q4 earnings
By Benjamin Chiou
Date: Tuesday 13 Jan 2026
(Sharecast News) - US stock futures were pointing to small losses ahead of the opening bell on Tuesday, with markets set to pull back from record highs ahead of key inflation data and the start of fourth-quarter earnings season.
By 1057 GMT, futures on the Dow and S&P 500 were down 0.2%, while the Nasdaq was trading 0.3% lower.
Both the Dow and S&P 500 set new all-time highs on Monday as investors largely shrugged off heightened policy risk at home and rising geopolitical tensions overseas, which also set gold and silver prices to fresh records.
News that the Department of Justice has launched a criminal investigation into Federal Reserve chair Jerome Powell - regarding comments made to Congress about renovation cost over-runs at the Fed's headquarters - sent jitters across financial markets the previous day. Powell accused the government of attempting to disrupt central bank independence through "political pressure or intimidation".
Concerns about America's involvement in Iran were also weighing on sentiment, amid speculation that Trump was considering military action against the country as widespread protests continue.
Nevertheless, the focus on Tuesday's session will be on the consumer price index for December, set to be released at 1330, which is expected to show that the annual rate of inflation held steady at 2.7%, though the core rate is tipped to rise to 2.7% from 2.6%.
"This is by far the most important metric for the Fed, and more important than the President or the DOJ," said Kathleen Brooks, research director at XTB.
"Prior months' inflation data was distorted by the government shutdown, so the December data is expected to be the 'cleanest' data we have received for months and could give us a clear idea about the trend for US price growth. Thus, today's data is expected to reset inflation expectations and be a clear indicator of what the Fed should do this year and how many rate cuts to expect."
Meanwhile, the start of fourth-quarter earnings season will see both JP Morgan Chase & Co and Delta due to report results before the opening bell.
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