Stock Futures Mixed as Investors Unpack Inflation Data, Bank Earnings

Futures on the Dow Jones Industrial Average (DJI) are pointed lower before the bell, as IBM (IBM) preliminary results and big bank earnings weigh on sentiment. The Nasdaq-100 Index (NDX) is etching out early morning gains, however, as semiconductor stocks pivot off yesterday's lows. Crude prices continue to rise, with West Texas Intermediate (WTI) earlier jumping above $80 as U.S-Iran tensions loom. The S&P 500 Index (SPX) is higher as well, after June's consumer price index came in lower-than-expected to a seasonally adjusted 0.4% to 3.5%, while core inflation remained flat on the month at 2.6%.

Continue reading for more on today's market, including:

• Will there be enough fire power for another S&P 500 rally? Schaeffer's Senior V.P. of Research Todd Salamone investigates.
• Aluminum stock choppy ahead of pivotal earnings.
• Plus, Apple stock downgraded; and two quarterly reports to monitor.

5 Things You Need to Know Today

1. The Cboe Option Exchange saw roughly 3 million call contracts and 2 million put contracts traded on Monday. The single-session equity put/call ratio rose to 0.67, while the 21-day moving average remained at 0.58. 
2. Tech behemoth Apple Inc (NASDAQ:AAPL) is down 1% before the bell, after a downgrade to "underweight" from "sector weight" at KeyBanc. The analyst in coverage warned price increases could add pressure to customer demand. AAPL sports a 16.7% year-to-date lead and yesterday tapped a fresh record high of $323.45.
3. IBM (NYSE:IBM) stock is sinking this morning, off 22.4% in electronic trading after reporting worse-than-expected second-quarter preliminary earnings. This selloff will pressure IBM even further below its year-to-date breakeven level, though the equity has enjoyed some upbeat attention of late.
4. Goldman Sachs Group Inc (NYSE:GS) stock is 2.8% higher premarket, after the finance firm posted Q2 earnings of $20.98 per share on revenue of $20.34 billion, both topping estimates. GS has added 19% so far in 2026.
5. Today welcomes the start of another busy earnings season.

European Markets Slide Amid U.S.-Iran Tensions

Asian markets finished broadly higher. Traders digested China’s lackluster June oil imports, which dropped 41.3% to their lowest level in nearly 10 years. China’s Shanghai rose 1.4% as investors anticipate chip favorite ChangXin Memory Technologies’ (CXMT) IPO, scheduled for Monday, July 27. Elsewhere, Hong Kong’s Hang Seng added 0.5%, while Japan’s Nikkei and South Korea’s Kospi gained 0.7%, respectively.

European stocks are down as attacks continue between the U.S. and Iran, with travel and financial stocks leading the losses. At last glance, London’s FTSE is off 0.3%, France’s CAC is down 0.7%, and Germany’s DAX is 0.8% lower.