5 Things to Know Before the Stock Market Opens

• JPMorgan reported adjusted earnings and net interest income above estimates, but revenue fell short; CEO Jamie Dimon described the U.S. economy as 'resilient' amid concerns about potential credit card interest rate caps
• December CPI data expected to show inflation holding steady at 2.7% year-over-year, with core inflation potentially accelerating to 2.8%, keeping pressure on the Federal Reserve to delay rate cuts
• Delta Air Lines shares dropped in premarket trading after issuing 2026 earnings guidance with a midpoint of $7.00 per share, well below the $7.26 analyst consensus

Market Summary: January 13, 2026

Market Overview

Stock futures declined modestly Tuesday morning, with Dow and S&P 500 futures down 0.2% and Nasdaq futures falling 0.3%, following record highs in the previous session. The 10-year Treasury yield rose to 4.20%, near four-month highs, while Bitcoin traded at $92,000.

Commodities

• Gold: Down 0.6% to $4,590/ounce after hitting $4,640 Monday amid concerns over Fed independence
• Oil: Up 1.7% to $60.50/barrel, trading above $60 for the first time since early December

Corporate Earnings

JPMorgan Chase (JPM): Mixed Q4 results kicked off earnings season. Adjusted EPS of $4.63 beat estimates, and net interest income topped forecasts, but revenue fell short. CEO Jamie Dimon characterized the U.S. economy as "resilient." The bank is reportedly negotiating to take over Apple's credit card program from Goldman Sachs.

Delta Air Lines (DAL): Stock declined in premarket trading after disappointing 2026 guidance. Q4 adjusted EPS of $1.55 met expectations, with revenue of $16 billion exceeding estimates. However, 2026 EPS guidance of $6.50-$7.50 (midpoint $7.00) fell below analyst expectations of $7.26. Delta also ordered 30 Boeing 787-10 planes with deliveries starting 2031.

Key Economic Data

December CPI report due at 8:30 AM ET. Economists expect headline inflation unchanged at 2.7% year-over-year, with core inflation accelerating to 2.8%. Both remain well above the Fed's 2% target, potentially delaying further rate cuts.

Policy News

President Trump threatened 25% tariffs on countries conducting business with Iran, responding to deadly anti-government protests. Legal challenges to presidential tariff authority expected in coming weeks.