Wells Fargo and JPMorgan have fired the starting gun on earnings season, on what is shaping up to be a lively day in markets. Follow along as we cover the results here.

Quarterly numbers from five major banks including Bank of America, Citigroup and Goldman Sachs, plus 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 SpaceX IPO.

Then, at 8:30 a.m. ET, the June consumer price index will be published. Armed with that fresh data, Fed Chair Kevin 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.

Oil is climbing 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.