Oil is climbing this morning as continuing U.S. strikes on Iran crush hopes of a quick resolution to the conflict. Stock futures are muted and Treasury yields are pressing higher. Investors will have plenty to think about today.

Banks are about to kick off earnings season, inflation figures drop this morning and then there’ll be a public appearance from Fed Chair Kevin Warsh. Follow along as we cover it here. Results from Bank of America are due at 6:45 a.m. ET, followed by JPMorgan, Wells Fargo, Goldman Sachs and Citigroup.

The quarterly numbers, followed by commentary from Jamie Dimon and his peers, will be closely scrutinized for clues as to the health of the U.S. economy. Their Wall Street operations are expected to be a bright spot, most notably thanks to the blockbuster Space X IPO. Then, at 8:30 a.m. ET, we'll get the June CPI report.

Armed with that fresh data, Warsh will head to Congress to give testimony on monetary policy at 10 a.m. ET. His remarks will come as rising energy prices revive fears of stagflation. The odds of the Fed raising interest rates in a fortnight are now nearly a coin toss, according to futures markets.

Market participants watch for clues on inflation trajectory and monetary policy; oil price rise adds pressure; overall sentiment remains cautious.