DJIA futures up 27 points (Il Sole 24 Ore Radiocor) - New York, 12 Jul - US futures were flat as investors prepared for more inflation data and the start of big bank earnings.

Wall Street ended mostly lower yesterday as investors sold big tech with Nvidia and Meta both sharply down. The S&P 500 and Nasdaq broke seven-day winning streaks and had their worst day since April. The Dow eked out a gain of 0.1%.

Today's producer price index is expected to show a slight uptick in June growing 0.1% on the month and 2.3% on the year. Yesterday's consumer price reading came in cooler than expected raising expectations that interest rate cuts may now come as early as September.

According to the CME FedWatch Tool, the market is now pricing in a 91% chance the Fed cuts rates in September compared to a 75% chance just two days ago.

As the second quarter earnings season picks up, investors are monitoring a first round of big bank results from the likes of JPMorgan and Citi to check on the health of the sector and the impact of higher-for-longer interest rates.

Shares in Wells Fargo slid more than 5% in premarket trade after it reported second quarter interest income below expectations while JPMorgan was also lower despite a jump in profits.

Futures on the Dow Jones were up 27.00 points, or 0.07%, S&P 500 futures were up 1.75 points, or 0.03%, while futures on the Nasdaq were 9.25 points, or 0.05%, lower.

AAA-Sje

(RADIOCOR) 12-07-24 13:42:23 (0322) 5 NNNN