Investors will get a double whammy of bank earnings and inflation data on Tuesday. JPMorgan Chase will kick off reports from major lenders this morning, while the consumer-price index for December is due at 8:30 a.m. ET.

Economists expect headline prices to have risen 2.7% from a year earlier, unchanged from November. Core CPI, which excludes food and energy prices, is forecast to have accelerated.

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Stock futures inched lower. Investor anxieties about the investigation into Federal Reserve Chair Jerome Powell appeared to abate slightly, with gold prices retreating and the dollar partially unwinding Monday’s decline. Major global central banks pledged solidarity for Powell, underlining the seriousness with which they view the threat to the Fed’s independence.

Oil futures edged up after President Trump said he was imposing a 25% tariff on any country that does business with Iran. He is expected to meet today with aides to discuss a response to the country’s protests, and has said he is considering military measures.

In other markets:

— Bellwether 10-year Treasury yields advanced to around 4.2%.

— Japan’s Nikkei 225 surged to a record close, while the yen and government bonds fell, on rising expectations of a snap election next month.

Write to Caitlin McCabe at caitlin.mccabe@wsj.com

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