Traders work on the floor of the New York Stock Exchange (NYSE) on September 29, 2026 in New York.
Spencer Platt | Getty Images
U.S. stock futures were little changed Tuesday evening ahead of the release of the September consumer inflation report.
S&P 500 Futures Contracts And Nasdaq-100 Futures Contracts fell 0.03% and 0.1%, respectively, after spot indicators fell for a second straight session on Tuesday.
Bank of America shares fell more than 2% in extended trading after the company was hit with more than $1.2 billion in federal penalties, with regulators saying the bank failed to report more than $5 billion in “suspicious” transactions.
In Asia, the Australian S&P/ASX 200 index fell 0.62%. Japan’s Nikkei 225 added 0.32%, while South Korea’s Kospi increased by 0.82%.
A downward drift in chip stocks weighed on major averages on Tuesday, the VanEck Semiconductor ETF (SMH) falling for a sixth straight session on growing fears of an AI spending bubble and growing concerns about Chinese competition.
A number of major banks reported strong quarterly results, but stocks ended the day lower, with Goldman Sachs And Citi Group fall. Market reaction suggests companies will have a higher bar to clear during the third-quarter earnings season, particularly in the technology sector where semiconductors are expected to be the largest contributor to year-over-year profit growth.
S&P 500 companies are expected to post a blended earnings growth rate of around 30%, while semiconductors and semiconductor equipment are expected to grow 130%, according to FactSet data.
“The fundamentals of the business are very strong. It’s very hard to argue with the demand for chips,” Marta Norton, chief investment strategist at Empower, told CNBC’s “Closing Bell: Overtime.” “I don’t know if we’re necessarily questioning the quality of the fundamentals of the business as much as the remaining valuation in the space.”
Investors await the September reading of the US consumer price index on Wednesday morning. Economists surveyed by Dow Jones expect inflation to rise 3.6% year-on-year, up from 3.4% in the previous reading.
The results come as oil prices remain high and consumers pay more for gasoline, which averages $4.34 per gallon, up from $3.08 per gallon a year earlier, according to AAA. Last week, President Donald Trump announced he would temporarily ease restrictions on Russian diesel exports, but analysts don’t think the deal will do much to lower fuel prices for truckers and farmers.
Earnings season continues, with more big bank results from Bank of America and Morgan Stanley released Wednesday morning US time. Dutch semiconductor company ASML also reports.
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