S+P 500 futures watching US PPI data closely later on as Q2 earnings kick off today

There is another US inflation gauge due to be released later today. That is the June PPI (Producer Price Index) data and it is expected to show a rise on the month and an annualised basis in June. The consensus forecast is for a core rise of 0.2%, from zero on the month and 2.5% on the year, from 2.3%. We saw how the dollar reacted to the miss on the CPI data yesterday and it could be set for more of the same today, especially if that miss is greater on the PPI data. Also the US stock markets outside of the Dow Jones did not far well and the broader market got caught up in a tech sell-off as we know. So, the S+P 500, which opened at a record high of 5,635.21, dropped back from a new all time record high, at 5,642.45. The slide that followed saw it crumble to a low at 5,576.53 and later close 49 points lower, at 5,584.54. That was a negative outside day close, from a new record high. Make of that what you will folks. The index future has been support from gains in the Dow Jones futures this morning and currently indicating a reopening at around 5,593. That comes ahead of the start of the US Q2 earnings season, kicking off today with some heavyweight banks. First up comes JP Morgan (10.55am GMT) and then Citigroup at 12pm GMT.