Producers of metals and other raw materials fell as the U.S. dollar rose sharply against other currencies in the wake of inflation data. Consumer price index rose 2.7% in June from a year earlier, but one brokerage said an increase in goods prices could have tied central bankers' hands.

The dollar rose as top-line inflation figures landed in line with expectations, but under the surface, rising prices for some goods suggested tariffs could drive further price increases ahead.

Stock futures are on the rise as investors eye a fresh batch of big bank earnings and digest this morning's inflation data. Futures on the Dow Jones Industrial Average (DJI) are up triple digits, looking to recover some of yesterday's steep losses,