Stock market: Five things to know before trading begins

Stock futures are modestly lower as investors weigh corporate earnings and the December Consumer Price Index set for release this morning; JPMorgan reported mixed fourth-quarter results while Delta issued a cautious 2026 outlook.

Stock futures opened slightly lower as the week’s earnings season gets underway and attention turns to a closely watched inflation report. The Bureau of Labor Statistics will release the December Consumer Price Index at 8:30 a.m. ET, and investors are watching for signs that could influence Federal Reserve policy. JPMorgan reported mixed fourth-quarter results this morning, and Delta’s cautious guidance for 2026 has weighed on airline shares in premarket trading. Separately, President Trump announced a 25% tariff on countries doing business with Iran, but the White House has not published an official order. Key developments: - Stock futures were modestly lower in early trading, with precious metals softer and crude oil trading above $60 a barrel; the 10-year Treasury yield was near 4.20% and Bitcoin was reported around $92,000. - JPMorgan reported adjusted EPS of $5.23 on $45.8 billion in revenue; its $25.1 billion in net interest income exceeded forecasts while total revenue fell short of estimates. - The December Consumer Price Index is due at 8:30 a.m. ET; economists’ estimates cited here expected a 12-month headline increase of about 2.7% and a core rise near 2.8%. - Delta Air Lines reported adjusted fourth-quarter earnings roughly in line with consensus but issued 2026 adjusted EPS guidance of $6.50 to $7.50, with the midpoint below some analysts’ forecasts; the airline also announced an order for 30 Boeing 787-10s. - President Trump announced on social media a 25% tariff on any country doing business with Iran; the White House has not released an official order and observers note legal questions remain, with a related Supreme Court matter expected in the coming weeks. Summary: Market sentiment is cautious as investors balance early corporate results with a key inflation reading due this morning. JPMorgan’s mixed results and Delta’s conservative 2026 outlook have sharpened focus on earnings guidance. The announced tariffs tied to Iran are unresolved and legal questions are pending. Undetermined at this time