Futures are falling as Wall Street ends its first week of earnings in the second quarter

U.S. stock index futures slipped at the start of the overnight session on Thursday night as Wall Street approached the end of the first major week of second-quarter earnings reports.

Contracts related to S&P 500 lost 0.1%, doc Dow futures lost 35 points. Nasdaq 100 futures also retreated 0.1%.

The moves in the overnight session followed as investors compared the first series of earnings reports from the second quarter published during the week.

Although some of the largest lenders in the country made healthy profits and incomes in the midst of economic recovery, the reaction on the stock market was less than rosy. Morgan Stanley’s earnings report in the second quarter, for example, exceeded analysts ’expectations on Thursday, but its shares closed just 0.18% higher.

For the 18 S&P 500 companies that exceeded analysts’ earnings estimates for the second quarter this week, the average earnings per share was 18% higher than expected. But those companies fell by an average of 0.58% after reporting.

Muted moves in response to corporate earnings contributed to an equally unfortunate week for the S&P 500, which has fallen 0.2% so far this week.

Much of the market pressure in the last week has stemmed from a handful of mega-cap internet and communications stocks. Apple has risen 2.3% since the beginning of the week, while Netflix,, Alphabet i Microsoft all increased by at least 1.1%.

Wall Street may be testing its optimism after a recent hotline report on consumer price index inflation and comments by Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen on the pace of price appreciation.

Yellen, who spoke to CNBC’s “Closing Bell” on Thursday, said she predicted prices could rise for several more months before cooling.

“I’m not saying this is a one-month phenomenon. But I think we will see a drop in inflation to normal in the medium term,” she said. “But, of course, we have to watch it carefully.”