a trader works on the floor of the new york stock exchange nyse in new york city july 13 2022 stock futures slipped wednesday night as traders look ahead to earnings from major us banks dow jones industrial average futures shed 62 points or 020 sp 500 and nasdaq 100 futures were down 024 and 028 respectively stocks slipped during wednesdays session after june inflation data came in hotter than expected hitting its highest level in since 1981 and stoking fears that the federal reserve will have to hike interest rates more aggressively in the coming months to bring down price increases the consumer price index rose 91 on the year in june higher than economist estimates of an 88 yearoveryear increase core cpi which excludes volatile prices of food and energy was 59 also ahead of the 57 estimate in addition the beige book released wednesday by the fed showed worries of an upcoming recession amid high inflation the cpi report also impacted treasuries sending the 2year treasury yield up nine basis points to about 3138 while the yield on the 10year treasury fell about 4 basis points to 2919 an inversion of the two is a popular signal of a recession if the fed says everythings on the table all of a sudden you have to start pricing in a recession said dan nathan principal of riskreversal advisors during cnbcs fast money earnings season continues thursday with jpmorgan chase and morgan stanley scheduled to report before the bell on thursday weekly jobless claims and the june producer price index report which measures prices paid to producers of goods and services will also be released thursday both reports will give further insight into the economy