Stock Futures Rise as CPI Report Matches Expectations, Bank Earnings Roll In; Nvidia Jumps as China Chip Exports to Resume

Stock futures were higher Tuesday morning after a closely watched inflation report matched expectations, as the earnings reporting season kicked off with results from several major banks.

Futures tied to the S&P 500 and the tech-heavy Nasdaq were recently up 0.4% and 0.7%, respectively, while Dow Jones Industrial Average futures fell fractionally. Stocks rose slightly Monday, boosting the Nasdaq Composite to a record high, as investors brushed aside concerns about the latest in a flurry of recent announcements from President Donald Trump on the tariff rates that the U.S. plans to impose on countries around the world.

Consumer price data released this morning showed that annual inflation in June was 2.7%, up from 2.4% the month before but in line with the consensus estimate from economists. Analysts have been predicting that tariffs will spur inflation, but data in recent months haven’t indicated that price pressures have increased significantly. Nonetheless, inflation remains well above the Federal Reserve’s target, which dims hopes that the central bank could be in a position to cut its benchmark interest rate any time soon.

Shares of Nvidia (NVDA) jumped nearly 5% ahead of the opening bell after the semiconductor giant announced it would resume shipments of its H20 AI chips to China, after receiving assurances from the White House that current restrictions on those exports would be lifted. The AI investor favorite last week became first company ever to reach $4 trillion in market capitaliztion.

Chip stocks were rallying across the board this morning. Among the noteworthy movers: Advanced Micro Devices (AMD) surged more than 5%, while Broadcom (AVGO), Arm Holdings (ARM), Micron (MU) and Taiwan Semiconductor (TSM) each gained about 2%. Shares of server maker Super Micro Computer (SMCI), a major Nvidia partner, climbed 4%.

Other mega-cap technology stocks were mostly higher in premarket trading, though the moves were small. Apple (AAPL), Amazon (AMZN), Alphabet (GOOG), Meta Platforms (META) and Tesla (TSLA) inched higher, while Microsoft (MSFT) fell slightly.

Earnings reporting season kicked off in earnest this morning with several large banks releasing their second-quarter results. Shares of JPMorgan Chase (JPM) were up slightly, while Citigroup (C) gained nearly 2% and Wells Fargo (WFC) dropped 3% as investors digested results from the major financial institutions.

Bitcoin was losing ground after hitting a series of record highs over the past week. The digital currency was at $117,700 recently, down from around $120,000 yesterday afternoon and an all-time high of $123,000 earlier Monday. Some of the crypto-related stocks that had surged along with bitcoin’s rise—including major bitcoin buyer Strategy (MSTR) and crypto exchange Coinbase (COIN)—were under pressure in early trading Tuesday.

Gold futures were little changed at $3,360 an ounce, trading near a three-week high, while West Texas Intermediate futures, the U.S. crude oil benchmark, slipped 0.2% to $66.85 per barrel, after tumbling more than 2% yesterday.

The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of loans, notably mortgages, was at 4.42%, down from 4.43% at yesterday’s close. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was holding steady, at 98.12.