U.S. stocks ended mixed on Tuesday, with the S&P 500 and Dow lower, while the Nasdaq Composite notched a second straight record high, buoyed by Nvidia’s AI momentum. Meanwhile, bank earnings and sticky inflation dampened broader sentiment.
S&P 500: ↓ 0.4%
Dow Jones: ↓ 436 pts (↓ 1%)
Nasdaq Composite: ↑ 0.2% → Record close at 20,677.80
The June CPI came in at 2.7% YoY, beating estimates (2.6%) but showing signs of easing on the core front:
Core CPI YoY: 2.9% (vs. 3.0% est.)
MoM Core CPI: 0.2% (in line)
Analysts at CIBC noted that businesses are still absorbing tariff costs but warned that “inventory buffers are thinning,” potentially increasing tariff passthrough and keeping the Fed cautious on rate cuts.
President Trump announced a preliminary trade deal with Indonesia, which includes a 19% U.S. tariff on Indonesian exports. This follows earlier tariff hikes on the EU, Mexico, and several Asian nations, adding new layers of trade friction as earnings season unfolds.
Major banks reported mixed Q2 results, with:
JPMorgan (JPM): Fell despite strong trading revenue
Wells Fargo (WFC): Slipped after lowering annual interest income guidance
BlackRock (BLK): Dropped even as AUM hit a record $12.53 trillion
➡ For more on upcoming results, check the Earnings Calendar API to track major S&P 500 company reports this week.
Nvidia (NVDA) jumped 4%+ after announcing the resumption of H20 chip sales in China and unveiling a new GPU tailored to Chinese market constraints.
You can view detailed earnings history for Nvidia using the Earnings Historical API.
Outlook: With rising inflation risk, a cautious Fed, and global trade tensions mounting, markets may remain volatile even as tech continues to outperform. Eyes now turn to Bank of America and Goldman Sachs earnings tomorrow.
