Dow futures fall more than 100 points to start the shortened trading week: Live updates

Stock futures fell Tuesday as rates ticked higher and Wall Street awaited further data and bank earnings that will provide a better glimpse into the state of the American consumer.

Futures tied to the Dow Jones Industrial Average lost 124 points, or 0.3%. S&P 500 futures dipped 0.4%, while Nasdaq 100 futures shed 0.5%.

The benchmark 10-year Treasury note yield rose 6 basis points to trade just above the key 4% level. The 2-year and 30-year note yields were also higher. Those moves come after central bank officials in Europe talked down rate cut expectations.

Investors are also looking ahead to December retail sales data out Wednesday, which could fuel recessionary fears and concerns about economic growth if U.S. consumer spending sees a cooldown.

Another batch of bank earnings will be out during this holiday-shortened week, providing further clues about consumer health and data on credit card payments and delinquencies. Goldman Sachs, Morgan Stanley and PNC Financial Services are set to report on Tuesday. Charles Schwab and M&T Bank, as well as several regional banks, are also slated to release their earnings this week.

Four big banks—including JPMorgan, Citigroup and Wells Fargo—reported mixed results on Friday, but posted strong profits for the year amid a strong labor market, resilient consumer and high interest rates.

Officials at the European Central Bank reiterated that any changes to monetary policy will be dependent on how much — and how quickly — inflation in the region is improving.

"It's too early to declare victory … the job is not yet done. That said, interest rate tightening has been quite successful so far, more successful than we thought even at Davos one year ago," ECB member Francois Villeroy de Galhau said at