US stock futures showed little movement on Wednesday, with investors focused on upcoming earnings from major banks and a potential Supreme Court ruling on tariffs. This comes after a session that saw the Dow Jones Industrial Average and the S&P 500 retreat from recent record levels.
Dow futures slipped approximately 0.2%, while S&P 500 and Nasdaq 100 futures each declined about 0.1% following Tuesday's losses.
Bank of America, Wells Fargo, and Citigroup are scheduled to report earnings before the market opens on Wednesday. Investors will also examine December's producer price index for inflation insights. These reports follow JPMorgan Chase's earnings release on Tuesday, which disappointed the market and triggered a sell-off in its stock.
The Supreme Court has yet to issue a ruling on a challenge to President Trump's tariff authority. The court's next scheduled opinion release is Wednesday, after missing a potential decision date last week.
On Monday, Trump addressed the case in a social media post, writing, "If the Supreme Court rules against the United States of America on this National Security bonanza, WE’RE SCREWED!"
Trump's criticism of Federal Reserve Chair Jerome Powell intensified on Tuesday, raising concerns about the central bank's independence as the Justice Department initiated a criminal investigation into Powell. This legal action has sparked debate, with Trump facing opposition from business leaders and some Republicans over questions regarding the Fed's autonomy.
Financial companies also face pressure from Trump's renewed proposal to cap credit card interest rates at 10% for one year. Shares of Visa and Mastercard closed lower on Tuesday as investors assessed the potential effects on payment networks.