US stock market today: S&P 500 and Nasdaq soar on Nvidia boost, CPI inflation eases, while Dow dips on bank earnings and tariff worries

Time of India

15 hours ago

How are the major indexes performing today?
S&P 500 : Up 0.3% , hovering near record highs
: Up , hovering near record highs Nasdaq Composite : Gained about 0.8% , powered by chip stocks
: Gained about , powered by chip stocks Dow Jones Industrial Average: Down 0.2%, lagging behind due to bank stock weakness
Why did Nvidia stock surge and what does it mean for AI chipmakers?
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AMD : +8%
: +8% Super Micro Computer : +6%
: +6% Micron & Broadcom: Posted solid gains, lifting the Philly Semiconductor Index by over 2%
Which stocks are making the biggest moves today?
Winners
Nvidia (NVDA) : +4.8%
: +4.8% AMD (AMD) : +7.9%
: +7.9% Super Micro (SMCI) : +6%
: +6% MP Materials : +19% after Apple signed a rare-earth magnet deal
: +19% after Apple signed a rare-earth magnet deal Trade Desk (TTD): +11% after being added to the S&P 500
Losers
Wells Fargo (WFC) : −4.7%
: −4.7% BlackRock (BLK): −6.2%
What did the June CPI inflation data reveal?
Headline CPI : +0.3% month-over-month, +2.7% year-over-year
: +0.3% month-over-month, +2.7% year-over-year Core CPI (excluding food and energy): +0.2% m/m, +2.9% y/y
How are big banks performing as earnings season begins?
JPMorgan Chase (JPM) : Beat estimates but fell slightly
: Beat estimates but fell slightly Citigroup (C) : Reported a 25% profit surge, stock up nearly 1%
: Reported a 25% profit surge, stock up nearly 1% Wells Fargo (WFC) : Beat expectations, but dropped ~5% on weaker net interest income
: Beat expectations, but dropped ~5% on weaker net interest income BlackRock (BLK): Hit a record $12.5 trillion in assets under management, but slid over 6% on revenue concerns
How are Trump's new tariff threats impacting market sentiment?
What does this mean for the Fed's next move on interest rates?
What else are investors watching?
Fed outlook : With inflation cooling but not collapsing, investors are dialing back July rate cut bets.
: With inflation cooling but not collapsing, investors are dialing back July rate cut bets. Bond yields : The 10-year Treasury yield is hovering around 4.46%
: The 10-year Treasury yield is hovering around Oil prices : WTI crude trading between $66–$67 , slightly down
: WTI crude trading between , slightly down Global economy: China posted 5.2% Q2 GDP growth, boosting global sentiment
What should investors watch next?
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The stock market today moved higher on Tuesday, lifted by gains in tech stocks and optimism around Nvidia's AI chip sales to China, following green-light signals from President Donald Trump's administration. The S&P 500 climbed 0.4% and the Nasdaq Composite rose 0.8%, thanks to strong momentum in semiconductors. However, the Dow Jones hovered just below flat, holding back broader market enthusiasm.Investors also had their eyes on the latest Consumer Price Index (CPI) data, which showed inflation heating up again, and on early bank earnings reports that painted a mixed but market-moving picture. As inflation ticks up and Trump's tariffs raise concerns about price pressures and trade frictions, traders are weighing what comes next for interest rates, AI chip exports, and the global economy.Tech dominated the session while financials saw mixed moves after key earnings reports.Nvidia (NVDA) shares soared on Tuesday after the company revealed it expects to resume AI chip sales to China, one of its top markets. This comes after the Trump administration gave signs that it will approve such exports — a sharp shift from earlier restrictions amid tensions with Beijing.This policy reversal helped Nvidia approach a fresh record close, driving strength in the tech sector and especially in chip stocks. The move is seen as a big win not just for Nvidia, but for the broader AI ecosystem, which had feared a prolonged block on Chinese sales.jumped nearlyafter the U.S. cleared it to, easing trade tension fears and reviving bullish sentiment in the semiconductor sector.Other big tech gainers:Here are some of today's standout gainers and losers:Inflation is showing signs of picking up again. The Consumer Price Index rose 0.3% month-over-month in June and 2.7% year-over-year, up from May's pace. According to analysts, these numbers reflect early impacts of new tariffs and trade-related cost pressures, tied directly to President Trump's tariff threats.Trump's latest trade actions — including planned duties on Canada, the EU, and Mexico from August 1 — are starting to ripple through pricing data. Some analysts believe these tariff-driven price hikes could influence future Fed decisions, especially as Trump continues to push hard for interest rate cuts.June'scame in right on target, calming market nerves:While inflation remains sticky, the report didn't come in hotter than expected, reducing fears of a surprise Fed hike—but it's also not cool enough to guarantee a July rate cut.Bank earnings kicked off with mixed results on Tuesday. JPMorgan Chase (JPM) and Citigroup (C) both beat expectations, helping their stocks edge higher. JPMorgan, in particular, saw strength in deal-making, a sign Wall Street is rebounding from earlier shocks linked to Trump's aggressive tariff strategies.On the flip side, Wells Fargo (WFC) fell after it lowered its full-year net interest income forecast, a key indicator of bank profitability. While some banks are adapting well to higher rates and trade volatility, others remain under pressure.Q2 results from major U.S. banks were a mixed bag:Bank investors were cautious, especially with interest rate headwinds still looming.President Trump's escalating tariff plans are becoming a growing concern for investors. Over the past week, he's issued strong warnings to key trade partners, calling for increased tariffs on a wide range of imports. This aggressive stance — set to intensify by August 1 — is sparking fears of global trade disruption, supply chain issues, and inflation pressures.These moves also put additional weight on companies with international exposure, particularly manufacturers, automakers, and tech exporters. Wall Street is closely watching for any signs of retaliation from global partners.With both inflation rising and global trade risk growing, all eyes are now on the Federal Reserve. The Fed's next meeting is just over two weeks away, and most market bets point to a rate hold this month, followed by a possible rate cut in September.However, President Trump and his allies continue to pressure Fed Chair Jerome Powell for deeper and faster rate cuts. They've also started criticizing the Fed on other issues, including a controversial renovation of its headquarters, reflecting broader tensions between the White House and the central bank.The stock market today reflects a tug-of-war between tech optimism, inflation fears, and tariff uncertainty. With Nvidia's China win boosting confidence in AI growth and bank earnings delivering mixed signals, markets remain sensitive to Trump's trade moves and any shift in Fed policy.Key dates to watch include the Fed meeting in two weeks, the August 1 tariff deadline, and continued corporate earnings over the next few days. For now, markets are cautiously optimistic — but volatility could return fast if inflation accelerates further or trade tensions boil over.Nvidia stock rose after Trump's team backed AI chip sales to China.June CPI showed inflation jumped 2.7% year-over-year due to tariffs.