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The S&P 500 futures are up five points and are trading 0.1% above fair value, the Nasdaq 100 futures are up three points and are trading 0.1% above fair value, and the Dow Jones Industrial Average futures are up 78 points and are trading 0.2% above above fair value.

Contracts linked to the S&P 500, Nasdaq 100, and Dow Jones Industrial Average are higher ahead of the open. Market participants are digesting earnings results from some big banks, which have garnered mostly negative reactions. JPMorgan Chase (JPM) and Wells Fargo (WFC) show pre-open declines after reporting earnings and Citigroup (C) shows a gain in response to quarterly results.

Market participants are also digesting the June Producer Price Index. Total PPI increased 0.2% month-over-month in June (Briefing.com consensus 0.1%) following a revised no change in May (from -0.2%). The index for final demand, less food and energy (“core PPI”), was up 0.4% month-over-month (Briefing.com consensus 0.1%) after a revised 0.3% increase (from 0.0%) in May.

On a year-over-year basis, the index for final demand was up 2.6% versus 2.2% in May, and the index for final demand, less food and energy, was up 3.0%, versus 2.3% in May.

The key takeaway from the report is that the year-over-year rate for PPI and core PPI accelerated for the fifth month out of the last six with rising prices of services outweighing falling prices of goods in June.

Treasury yields turned lower, which coincided with stock futures moving higher. The 10-yr note yield was at 4.22% shortly before the data, but sits at 4.20% now. The 2-yr note yield, at 4.51% before the data, sits at 4.49% now.