Stock Market Today: Dow Jones, Nasdaq 100 Futures Tumble Ahead Of Supreme Court Ruling On Trump's Tariffs-Wells Fargo, BP, WeRide In Focus

U.S. stock futures declined on Wednesday following Tuesday’s lower close. Futures of major benchmark indices declined.

The Consumer Price Index rose 2.7% year over year in December, matching both the prior reading and economists’ estimates. Notably, core CPI came in at 2.6% year over year, slightly below expectations.

After last week passed without a decision, investors are now focused on Wednesday’s scheduled Supreme Court opinion release for a potential ruling on the challenge to President Donald Trump's tariff authority.

Meanwhile, the 10-year Treasury bond yielded 4.17%, while the two-year bond yielded 3.52%. The CME Group's FedWatch tool‘s projections show markets pricing a 97.2% likelihood of the Federal Reserve leaving the current interest rates unchanged in January.

The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were lower in premarket on Wednesday. The SPY was down 0.15% at $692.73, while the QQQ declined 0.20% to $625.00, according to Benzinga Pro data.

Stocks In Focus

Wells Fargo

• Wells Fargo & Co. (NYSE:WFC) was 0.81% lower in premarket on Wednesday as analysts expect it to report quarterly earnings before the opening bell. Wall Street expects earnings of $1.67 per share on revenue of $21.65 billion.

• Benzinga’s Edge Stock Rankings shows that WFC maintains a stronger price trend over the short, medium, and long term, with a moderate quality ranking. Additional information is available here.

BP

• BP PLC (NYSE:BP) dropped 1.84% after announcing that its energy transition businesses were facing up to $5 billion writedown.

• Benzinga’s Edge Stock Rankings indicate that BP maintains a stronger price trend over the medium and long terms but a weak trend in the short term, with a solid value ranking. Additional performance details are available here.

WeRide

• WeRide Inc. ADR (NASDAQ:WRD) rose 1.59% after it launched the Robotaxi Mini Program “WeRide Go” on Tencent WeChat, enabling users in operating areas to book Robotaxi rides without a separate app.

• It maintains a weaker price trend over the medium and long terms but a strong price trend in the short term. Additional performance details, as per Benzinga's Edge Stock Rankings, are available here.

TG Therapeutics

• TG Therapeutics Inc. (NASDAQ:TGTX) jumped 6.99% after it released preliminary fourth-quarter revenue estimates and provided an optimistic outlook for 2026.

• TGTX maintains a weaker price trend over the short, medium, and long terms with a moderate value ranking. Additional performance details, as per Benzinga’s Edge Stock Rankings, are available here.

Gelteq

• Gelteq Ltd. (NASDAQ:GELS) shares surged 56.04% after reporting positive preclinical results for its cannabinoid oral gel delivery platform.

• GELS maintains a stronger price trend over the short and medium terms but a weak trend in the long term. Additional performance details, as per Benzinga's Edge Stock Rankings, are available here.

Cues From Last Session

Energy and Consumer Staples gained on Tuesday, while Financials and Consumer Discretionary saw the biggest declines.

Insights From Analysts

Professor Jeremy Siegel anticipates a robust 2026, driven by a “powerful productivity surge” that he believes will allow the economy to grow without reigniting inflation.

Highlighting a surprising fourth-quarter GDP growth estimate of 5.4%, Siegel describes the current environment not as late-cycle stagnation, but as a “recalibration toward more efficient growth.”

Regarding the stock market, Siegel remains “constructive on equities, but increasingly selective.” He predicts a shift in leadership away from mega-cap technology stocks, which he warns may see only “modest gains” due to high valuations.

Instead, he expects “double-digit returns” from small-cap stocks and non-tech cyclicals, which stand to benefit most from expected Federal Reserve rate cuts.

Siegel advises investors to broaden their portfolios beyond crowded U.S. tech names, noting compelling valuations in Europe and Japan. Ultimately, he argues that 2026 will be a year where “earnings growth, not multiple expansion, does most of the work” for investor returns.

Upcoming Economic Data

Here's what investors will be keeping an eye on Wednesday.

• November’s delayed report of the U.S. retail sales and producer price index will be released by 8:30 a.m. ET.
• October’s delayed U.S. Business inventories and December’s existing home sales will be out by 10:00 a.m. ET.
• Atlanta Fed President Raphael Bostic will speak at 12:00 p.m., Fed Governor Stephen Miran will speak at 12:30 p.m., Minneapolis Fed President Neel Kashkari will speak at 11:00 a.m., and New York Fed President John Williams will speak at 2:10 p.m. Also, the Federal Reserve's Beige Book will be released at 2:00 p.m. ET.

Commodities, Gold, Crypto, And Global Equity Markets

Crude oil futures were trading lower in the early New York session by 0.98% to hover around $60.57 per barrel.

Gold Spot US Dollar rose 0.93% to hover around $4,629.12 per ounce. Its last record high stood at $4,640.13 per ounce. The U.S. Dollar Index spot was 0.03% lower at the 99.1010 level.

Meanwhile, Bitcoin (CRYPTO: BTC) was trading 3.32% higher at $94,969.36 per coin.

Asian markets closed mixed on Wednesday, as India’s Nifty 50 and China’s CSI 300 indices fell. Meanwhile, Australia's ASX 200, Japan's Nikkei 225, Hong Kong's Hang Seng, and South Korea's Kospi indices rose. European markets were mixed in early trade.

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