US futures slide as bank earnings fail to thrill

US stock futures tumbled on Friday as a stream of big bank results failed to lift hopes that the quarterly earnings season can lift stocks out of their January malaise.

Dow Jones Industrial Average (^DJI) futures sank roughly 0.4%, while S&P 500 (^GSPC) futures were down 0.3%. Contracts on the tech-heavy Nasdaq 100 (^NDX) fell almost 0.4%.

Wall Street lenders kicked off fourth-quarter earnings, seen as a crucial chance for stocks to shake off the losses built in the year so far. JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo (WFC) all posted decent results on Friday. But the latter two saw shares fall as they failed to settle nerves about potential pain ahead.

Also in focus, oil prices jumped over 3% after the US and its allies launched airstrikes against Houthi rebels in Yemen, drawing threats of reprisals from the Iran-backed group behind Red Sea attacks on shipping. Brent futures (BZ=F) traded above $80 a barrel, while West Texas Intermediate futures (CL=F) were just under $75.

Meanwhile, investors are watching for producer inflation data due out Friday morning, looking for more insight into price pressures after the consumer CPI reading came in hotter than expected on Thursday. That surprise print raised new questions about whether the Federal Reserve will cut interest rates in the next few months.