5 Things to Know Before the Stock Market Opens

Stock futures are lower this morning as investors digest earnings reports and await key inflation data; JPMorgan’s fourth-quarter results were mixed, as profits and net interest income topped estimates while revenue fell short; consumer price data for December is due out this morning; Delta shares are falling after the airline issued a disappointing outlook; and President Trump is threatening Iran’s trading partners with new tariffs over the country’s response to recent protests. Here’s what you need to know today.

Stock Futures Slip After Dow, S&P 500 Hit Record Highs

Stock futures are slightly lower as the quarterly earnings season gets underway and investors prepare for the release of inflation data that will be closely monitored by the Federal Reserve. Futures tied to the Dow Jones Industrial Average and the S&P 500, each of which closed at record highs on Monday, were down 0.2% recently, while Nasdaq futures slipped 0.3%. Stocks came under pressure early Monday on news that the Department of Justice is investigating Fed Chair Jerome Powell, but rebounded to finish the day slightly higher. Gold futures were down 0.6% ay $4,590 an ounce this morning, after hitting a record high around $4,640 on Monday amid concerns about possible threats to the Fed’s independence. Crude oil futures were up 1.7% at $60.50 per barrel, trading above $60 for the first time since early December. The yield on the 10-year Treasury note ticked higher to 4.20%, near its highest level in four months. Bitcoin was at $92,000. up from an overnight low of just below $91,000.

JPMorgan Reports Mixed Results; Dimon Says US Economy ‘Resilient’

JPMorgan Chase (JPM), the world’s largest bank by market capitalization, kicked off a busy week of bank earnings this morning. The bank reported adjusted earnings per share of $5.23 on revenue of $45.8 billion. Analysts’ estimates compiled by Visible Alpha had projected adjusted EPS of $4.96 and revenue of $46.07 billion. JPMorgan reported $25.1 billion in net interest income, above what analysts had forecast. “The U.S. economy has remained resilient,” CEO Jamie Dimon said. “While labor markets have softened, conditions do not appear to be worsening. Meanwhile, consumers continue to spend, and businesses generally remain healthy.” Bank stocks sank on Monday after President Donald Trump suggested a cap of 10% on credit card interest rates. During the earnings call this morning, JPMorgan executives are likely to discuss that, as well as a deal announced last week to take over as the backer of Apple’s (AAPL) credit card program from Goldman Sachs (GS). JPMorgan shares were little changed in recent premarket trading, after falling more than 1% Monday.

CPI Inflation Report Set For Release This Morning

The Bureau of Labor Statistics is scheduled to release its closely followed Consumer Price Index report at 8:30 a.m ET. Economists on average expect the report to show that consumer prices rose 2.7% in the 12 months through December, unchanged from the month before. “Core” prices, excluding more volatile food and gas prices, are also expected to have risen 2.8%, which would mark an acceleration in inflation after it unexpectedly slowed in November. Inflation remains well above the Fed’s 2% target, and continued signs of price pressures could keep the central bank from cutting its key interest rate again soon. Inflation is generally expected to slow this year as declining housing costs and a lack of wage increases are projected to outweigh the impact of the Trump administration’s wide-ranging tariffs.

Delta Stock Slips as Outlook Falls Short of Estimates

Delta Air Lines (DAL) stock is slumping in premarket trading after the airline issued a disappointing outlook. Delta said it earned an adjusted $1.55 in the fourth quarter, roughly in line with the analyst consensus compiled by Visible Alpha, while revenue topped estimates at $16 billion. For 2026, however, Delta said it is expecting adjusted EPS of $6.50 to $7.50, with the midpoint of $7.00 well below the $7.26 analysts currently forecast. Analysts had said leading into the report that Delta and other airlines may opt for more cautious outlooks for 2026 after a difficult last few years of operations, and said that the 2026 forecasts will likely be the focus of airline earnings this month rather than the fourth-quarter results. In Tuesday’s report, Delta also announced an order of 30 planes from Boeing, the widebody 787-10, with options to purchase another 30, with deliveries expected to start in 2031. Delta shares were down more than 3% ahead of the opening bell.

Trump Threatens New Tariffs on Iran’s Trading Partners Over Deadly Protests

President Trump threatened a new round of tariffs amid the deadly protests in Iran. “Effective immediately, any Country doing business with the Islamic Republic of Iran will pay a Tariff of 25% on any and all business being done with the United States of America,” Trump said Monday afternoon on social media. The larger structure of the tariffs are currently unknown, as the White House has yet to release an official order on the tariffs. The tariffs would be in response to a recent wave of anti-government protests in Iran, which has led to the deaths of more than 600 protestors, human rights groups estimate. Trump has threatened to involve the U.S. military if the killings continue, and has encouraged the protests to topple Iran’s government, per CNBC. The legality of Trump’s current tariffs are also unknown, with a Supreme Court ruling expected in the coming weeks over whether the president had the legal authority to unilaterally declare the tariffs.