Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., July 10, 2025.
Jeenah Moon | Reuters
Stock futures were higher Tuesday thanks to an advance in Nvidia shares as investors weighed the latest big bank earnings and awaited a key inflation reading.
Futures tied to the S&P 500 rose 0.4%, while Nasdaq 100 futures added 0.6%. Dow Jones Industrial Average futures shed 17 points.
Nvidia shares ticked more than 4% higher in the premarket after the chip company said it will resume H20 AI chip sales to China “soon.” “The U.S. government has assured NVIDIA that licenses will be granted, and NVIDIA hopes to start deliveries soon,” the company said in a statement Tuesday.
Investors are hoping that a second-quarter earnings season that comes in better than expected will boost a stock market that’s at all-time highs. Expectations are low heading into the season. The S&P 500 is projected to post a blended earnings growth rate of 4.3% on a year-over-year basis, according to FactSet data.
Investors are also keeping a close eye on the June consumer price index, due Tuesday morning, seeking clues on how the Trump administration’s tariffs have been affecting prices. The metric is expected to show a 0.3% monthly increase and a 2.7% headline reading, according to Dow Jones consensus estimates. Any upside surprise in last month’s numbers could spook a market that has yet to see any tariff impact on inflation.
Big banks posted results on Tuesday morning. Wells Fargo posted an earnings beat, but a net interest income guidance reduction sent shares lower by 2%. Shares of JPMorgan Chase dipped about 0.3%, even though the bank posted better-than-expected second-quarter results driven by strong trading and investment banking revenue.
Wall Street is coming off a positive session, with stocks eking out a gain Monday even after President Donald Trump threatened a 30% tariff on the European Union and Mexico starting Aug. 1.
“You’re at the point where the president is talking again about higher tariff rates. That’s going to take the effective tariff rate up even higher than we currently anticipated to be,” Dan Greenhaus, chief strategist at Solus Alternative Asset Management, told CNBC’s “Closing Bell” on Monday. “So, my argument would be, while we determine exactly what that level is going to be, after a truly historic rally off the lows, some breather is in order.”
