us stock futures retreated on tuesday as the dollar rose and treasury yields fell a scenario reflecting lingering concerns about waning economic activity and the impact on company profits on monday the dow jones industrial average djia fell 164 points or 052 to 31174 the sp 500 spx declined 45 points or 115 to 3854 and the nasdaq composite comp dropped 263 points or 226 to 11373 the sp 500 closed the previous session off 196 from its record close of 4797 hit on january 3 2022 after a seemingly fleeting rebound off 18month lows touched in midjune the mood was again cautious traders remain wary about the prospects for corporate profits amid signs of slowing global growth and heightened inflation that suggest tighter monetary policy “the last 24 hours has seen sentiment become more gloomy once again as investors looked forward to multiple data releases and earnings reports this week that’ll set the stage for some important central bank meetings over the next couple of weeks” said jim reid at deutsche bank big us banks will kick off the reporting season proper later in coming days with jpmorgan chase jpm and morgan stanley ms on thursday and citigroup c and wells fargo wfc on friday expectations are for limited earnings growth analysts are forecasting an average 43 increase for companies in the sp 500 which would be the weakest since the end of 2020 according to factset three months ago analysts were projecting growth of 59 and the difference reflects building concerns that rampant inflation and the consequent higher borrowing costs imposed by central banks to counteract it have hit companies’ top and bottom lines in addition investors must now fret about how a surging us currency may impact earnings as businesses find it more difficult to export goods and services the dollar index dxy on tuesday rose 05 to 10852 a twenty year high “this strong dollar is causing everyone to reevaluate their portfolios” tweeted jim cramer the cnbc commentator “trying to figure out who gets a pass from a strong dollar and who gets hammered and loses business” the us 10year treasury yield bxtmubmusd10y eased 73 basis points to 2924 as traders sought the relative safety of government debt the market was warily eyeing the us consumer price inflation data due for release on wednesday wall street’s overnight dive left asian and european bourses on the back foot hong kong’s hang seng hkhsi fell 09 and the nikkei 225 jpnik in japan slumped 18 after a measure of inflation hit 92 higher than expected the stoxx europe 600 xxsxxp lost 02 the stronger dollar rippled across markets pressuring products denominated in the buck wti crude cl fell 19 to 10211 a barrel gold gc00 was barely changed at 1732 an ounce and silver si00 shed 15 to 1885 an ounce its cheapest in two years bitcoin btcusd once again fell below 20000 easing 25 to 19884 to leave the cryptocurrency off more than 70 from its alltime high