A trader works on the floor of the New York Stock Exchange.

NYSE

Stock futures were little changed Tuesday night after the S&P 500 pulled back from record levels seen earlier in the week.

Futures tied to the Dow Jones Industrial Average shed 39 points, or nearly 0.1%. S&P 500 futures were marginally lower, while Nasdaq 100 futures inched up less than 0.1%.

On Wednesday, investors can expect Bank of America, Wells Fargo, Citigroup to report their quarterly earnings results before market open. More inflation data is also on the docket, as December’s producer price index report will be released before the opening bell.

In Tuesday’s regular trading session, the major averages closed lower. The S&P 500 fell 0.2%, while the 30-stock Dow lost nearly 400 points, or 0.8%. The Nasdaq Composite shed 0.1%.

Financials were the worst-performing group of the broad-market index. Shares of JPMorgan Chase tumbled more than 4% after fourth-quarter investment banking fees appeared to disappoint. Goldman Sachs and Bank of America fell in sympathy.

Oil prices also jumped more than 2% Tuesday after President Donald Trump canceled meetings with Iranian officials and told protesters that “help is on its way.” Energy stocks rallied, and the sector gained 1.5%.

Trump’s recent call for a one-year 10% cap on credit card interest rates has dragged down financial names, with Mastercard and Visa ending Tuesday’s session in the red. Traders have been grappling with a volley of demands from the president, including Trump’s declaration that he “will not permit” dividends or stock buybacks for defense companies and that the U.S. should bar large institutional investors from buying single-family homes.

Trump’s attacks on Federal Reserve Chair Jerome Powell also continued on Tuesday amid growing worries over the central bank’s independence as the Justice Department conducts a criminal investigation into the Fed’s leader.

Stock prices may be starting to reflect the potential impact of Trump’s demands, according to Paul Meeks, head of technology research at Freedom Capital Markets. “This is a hangover from the threat to Fed Chair Powell and bank earnings, which are being hit by companies talking about capping credit rates at 10% … It’s just unnecessary anxiety,” he said.

Meeks, a veteran tech analyst, added that Tuesday’s drawdown will likely bring in “some good buying opportunities” ahead of upcoming announcements from hyperscalers about their 2026 guidance and artificial intelligence capital expenditure plans.