U.S. stock futures dipped as investors braced for the release of key inflation data and the onset of earnings season. JPMorgan is set to report earnings, with other major banks like Bank of America and Wells Fargo to follow. This week will be critical as the market awaits the December CPI report, which could influence the Federal Reserve's policy decisions. The Trump administration is under fire for initiating a criminal investigation into Federal Reserve Chair Jerome Powell.

This move has drawn criticism from former Fed leaders and Republican lawmakers, who warn of potential impacts on monetary policy and economic stability. The probe, approved by U.S. Attorney Jeanine Pirro, alleges the Fed refused to discuss expenses related to headquarters refurbishment. Inflation remains a significant concern, with analysts predicting a 2.7% year-over-year increase in the December CPI.

This data point could affect the Fed's decision on interest rates, which are expected to remain unchanged at 3.50% to 3.75%. A hotter-than-expected inflation figure might prompt further action from the Fed. Additionally, oil prices have surged due to anti-government protests in Iran, a key OPEC producer.

This increase in oil prices could add to inflationary pressures and impact global markets. As earnings season begins, robust bank results could provide a positive outlook for the economy, potentially alleviating investor concerns.