US stock futures slipped as investors weighed escalating tension in Iran while preparing for a busy slate of corporate earnings and a closely watched inflation report.
Futures tied to the Dow Jones Industrial Average (YM=F) slipped about 40 points, or 0.1%. S&P 500 (ES=F) and Nasdaq 100 futures (NQ=F) fell 0.2% and 0.3% respectively.
The muted moves followed a broad selloff during Monday’s regular session after President Donald Trump announced plans to restore what he called a blockade on Iranian shipping through the Strait of Hormuz, fueling concerns over global energy supplies.
Despite Monday’s market turbulence, investor attention is rapidly shifting to second-quarter earnings, which begin in earnest on Tuesday. JPMorgan Chase (JPM), Goldman Sachs (GS) and Bank of America (BAC) are among the first banks scheduled to report results.
Markets will also receive fresh insight into inflation on Tuesday morning with the release of the June consumer price index. The report is expected to provide investors with another key data point as they evaluate the Federal Reserve’s path for interest rates.
Also on Tuesday, Federal Reserve Chair Kevin Warsh is scheduled to testify before Congress as part of the central bank’s semiannual monetary policy report, marking his first appearance on Capitol Hill since taking over as Fed chief.
