Stock Futures Muted as Earnings Begin to Trickle In

Stock futures are close to fair value ahead of this morning's open, as investors keep an eye on the first murmurings of another earnings season. Futures on the Dow Jones Industrial Average (DJIA) are eyeing a muted 39-point drop, while S&P 500 Index (SPX) futures are flat, and Nasdaq-100 Index (NDX) futures are pointed quietly higher. A disappointing earnings report from JPMorgan Chase (JPM) is undoubtedly weighing on the blue-chip index, while Wall Street continues to digest yesterday's red-hot inflation reading.

In other news, West Intermediate Crude (WTI) is once again hovering above the $100 mark. Meanwhile, the producer price index (PPI) saw an 11.2% year-over-year increase, marking its fastest pace on record, and for March it rose 1.4%, topping estimates. 

 Continue reading for more on today's market, including:

• Schaeffer's Senior Quantitative Analyst Rocky White breaks down how the S&P 500's dry spell could impact the rest of the year. 
• Why Target stock looks ripe for bull notes. 
• Plus, BLK posts earnings beat; DAL predicts a current-quarter profit; and PYPL falters on C-suite shakeup. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw over 1.26 million call contracts traded on Tuesday, and 662,270 put contracts. The single-session equity put/call ratio fell to 0.52, and the 21-day moving average remained at 0.57.
2. One member of the finance sector helping to kick off earnings season is BlackRock, Inc. (NYSE:BLK). The firm reported first-quarter profits of $9.52 per share on $4.70 billion in revenue, with the former topping analysts' estimates and the latter finishing just below expectations. The equity is up 0.2% before the bell, though it's still suffering a 21.4% deficit for 2022. 
3. Delta Air Lines, Inc. (NYSE:DAL) is up 6.8% before the open after the firm posted first-quarter losses that were slimmer than expectations, as well as revenue that topped pre-pandemic levels. Delta Air Lines stock also forecast a return to profits during the current quarter. While the stock is pointed higher today, it's still down nearly 20% in the past 12 months. 
4. The shares of PayPal Holdings Inc (NASDAQ:PYPL) are down 3.6% before the bell, following news that the firm's Chief Financial Officer John Rainey is stepping down in order to take over the same role at Walmart (WMT), starting June 6. PayPal stock has shed a concerning 57.8% in the past six months. 
5. Today will be slow as far as economic data is concerned, besides the release of the latest producer price index (PPI).

U.K. Investors React to Highest CPI Reading in 30 Years

Stocks in Asia settled mostly higher today, as investors eyed trade data out of China. The country's exports rose 14.7% year-over-year in March, which is higher than the expected 13%, while imports only saw a 0.1% year-over-year increase -- dramatically lower than the anticipated 8%. China's Shanghai Composite was the only loser with a 0.8% loss, while the South Korean Kospi added 1.9%, Hong Kong's Hang Seng tacked on 0.3%, and the Nikkei in Japan rose 1.9%.

Markets in Europe, meanwhile, are slipping at midday. Following yesterday’s high inflation reading in the U.S., the consumer price index (CPI) in the U.K. came in at 7% -- its highest level in 30 years. Investors are also looking ahead to tomorrow’s European Central bank (ECB) meeting, which will reveal how the Governing Council plans on dealing with the current inflation issue. London's FTSE 100 is inching 0.05% lower, while the French CAC 40 and the German DAX are off 0.7% and 0.9%, respectively.