Dow, S&P 500, Nasdaq futures slip with bank earnings and inflation data on deck

US stock futures slipped Sunday night following a week of gains to start to the year as Wall Street heads into a week stacked with earnings releases from big banks and inflation data.

Dow Jones Industrial Average futures (YM=F) and futures on the S&P 500 (ES=F) fell 0.2%. Contracts tied to the Nasdaq 100 (NQ=F) ticked down 0.3%.

The muted start follows a strong finish to last week, when stocks climbed to fresh record highs. Both the S&P 500 (^GSPC) and the Dow (^DJI) closed Friday at new peaks, extending a rally that pushed the S&P 500 up more than 1% for the week. The Dow and Nasdaq Composite (^IXIC) posted even stronger gains, rising 2.3% and 1.9%, respectively.

Markets are bracing for the latest consumer inflation report, due Tuesday. The release comes on the heels of Friday’s December jobs report, which showed continued cooling in the labor market without signaling a sharp economic slowdown.

Taken together, the data has reinforced expectations that the Federal Reserve will remain on hold for now, with CME FedWatch offering a 95% probability of rates staying the same.

Beyond the economic calendar, geopolitical developments remain a wildcard. President Trump is reportedly weighing potential action involving Iran, while also escalating pressure on Cuba over Venezuelan oil shipments. Late last week, Trump also renewed controversial comments about Greenland, saying the US could pursue control of the Danish territory “whether they like it or not.”

Investors are now turning their attention to the first major catalysts of 2026: earnings season and key inflation data. Several of Wall Street’s biggest banks are set to report in the coming days, including JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC), Citigroup (C), Goldman Sachs (GS), and Morgan Stanley (MS).

Key chip manufacturer Taiwan Semiconductor (TSM) also releases earnings on Thursday following news last week that revenue expectations for the company have risen 20% from last year on demand for high-performance chips for AI data centers.