U.S. stock futures show mixed moves as oil shock puts CPI in focus

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Stock futures mixed

Highlights

Nasdaq 100 futures rose 0.39% early Tuesday.
Dow futures fell 0.31%, while S&P 500 futures slipped 0.09%.
Brent crude surged more than 9% in the previous session.
Traders are waiting for bank earnings and June CPI data.

Nasdaq 100 futures rose 0.39% to 29,589.75 at 5:07 a.m. EDT, while Dow futures fell 0.31% to 52,598.00 and S&P 500 futures slipped 0.09% to 7,556.50, according to the latest market data shown Tuesday. The move followed a weaker regular session after President Donald Trump said he would reinstate a blockade on Iranian shipping through the Strait of Hormuz, CNBC reported.

Oil shock pressures risk appetite

The blockade announcement pushed oil sharply higher and hit equities on Monday. The S&P 500 lost 0.8%, the Nasdaq Composite dropped 1.6%, and the Dow Jones fell by more than 100 points, or about 0.3%. Brent crude jumped more than 9%, its biggest one-day gain since 2020.

The concern for investors is that a sustained rise in oil prices could complicate the inflation outlook just as markets are looking for signs that price pressures are easing. Global government bond yields moved higher Tuesday morning as traders priced in the risk that energy costs could keep inflation elevated.

The Nasdaq’s early gain suggested that investors were still willing to hold exposure to large technology names, even as the broader market remained cautious. The Dow’s decline pointed to more defensive positioning before the next round of data.

Banks open earnings season

Corporate earnings are also moving into focus. JPMorgan Chase, Goldman Sachs, and Bank of America are scheduled to report before the bell, giving investors an early look at loan demand, trading revenue, and credit conditions.

Analysts expect S&P 500 earnings to rise 23.6% in the second quarter from a year earlier. Strong results could help offset some geopolitical pressure, especially if large banks and technology companies show that demand remains resilient.

June consumer price index data is due at 8:30 a.m. ET. Fed Chair Kevin Warsh is also set to meet lawmakers on Capitol Hill as part of the central bank’s semiannual monetary policy reports.

Inflation risk returns to the market debate

Tuesday’s setup matters because investors are facing three risks at once: higher oil prices, new inflation data, and the start of earnings season. A hot CPI reading would make the oil shock harder for markets to absorb.

For now, futures show a split market rather than a full retreat. Technology shares are holding up better, but the pressure on the Dow and S&P 500 suggests traders are not ready to ignore the risk from Hormuz, crude prices, and bond yields.

We also reported сrude gains as Hormuz blockade fears lift risk premium.

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