Stock market today: Dow slides after CPI inflation accelerates, Nvidia's surge lifts Nasdaq to record
The S&P 500 (^GSPC) fell 0.4%, reversing course throughout the day. The Dow Jones Industrial Average (^DJI) lost 0.7%, or over 400 points. The tech-heavy Nasdaq Composite (^IXIC) climbed 0.2% to close at a fresh record, buoyed by AI chipmaker Nvidia, whose gains helped the stock notch its own new record close.
Nvidia hit a fresh record close after the company said that it's planning to resume sales of its AI chips to China — one of its most important markets — after receiving assurances from the US government that it will be granted approval. The dramatic reversal in the Trump administration's earlier stance on export curbs, part of its trade standoff with Beijing, helped lift shares of chip stocks across the board.
President Trump's trade policy also loomed over the June consumer inflation report, which showed the first real signs of tariff-driven price increases. The Consumer Price Index headline number rose 0.3% month over month and 2.7% year over year, both accelerations from May's data.
The 10-year Treasury yield (^TNX) climbed more than 6 basis points to nearly 4.5%, while the 30-year Treasury yield (^TYX) rose 5 basis points to more than 5% for the first time since May, as investors pared bets on Fed rate cuts both this month and September.
Meanwhile, big banks unofficially kicked off earnings season Tuesday morning. Shares of JPMorgan (JPM) and Wells Fargo (WFC) fell, while Citi (C) climbed after its results topped Wall Street's expectations.
Read more: Full earnings coverage in our live blog
In the backdrop are Trump's escalatory moves on tariffs over the past week. He has spent the last several days threatening key trade partners, most notably Canada, the European Union, and Mexico, with high duties from Aug. 1.
Why the stock market has shrugged off Trump's latest tariff threats
President Trump is once again turning up the tariff dial, but stocks aren't reacting nearly as strongly as they did back in April, Yahoo Finance's Josh Schafer reports:
Read the full story here.
S&P 500, Dow end lower while Nasdaq notches fresh record
The S&P 500 (^GSPC) fell 0.4% to end Tuesday, a reversal from gains earlier in the day. The Dow Jones Industrial Average (^DJI) fell more than 400 points.
The Materials (XLV), Health Care (XLV), and Financial (XLF) Sectors led declines on the S&P 500 amid a Consumer Price Index report that showed inflation ticking up in June and mixed quarterly earnings results from major financial institutions.
Meanwhile, tech stocks pushed higher Tuesday, with the Nasdaq (^IXIC) closing the trading session up 0.2%, paring earlier gains but notching a fresh record high. The index's gains were fueled by a jump in shares of AI chipmaker Nvidia (NVDA), which hit its own fresh record high.
Coinbase, crypto stocks fall after Congress fails to advance crypto bills
Crypto stocks fell after the US House of Representatives failed to advance three cryptocurrency-related bills on Tuesday.
One of those bills was the GENIUS Act, which was passed by the Senate in June and would establish a regulatory framework for stablecoin issuers.
Shares of stablecoin issuer Circle (CRCL), which went public in a stunning IPO in early June, fell 4.6%. Strategy (MSTR), the largest corporate holder of Bitcoin, fell 1.9%, and shares of crypto exchange Coinbase (COIN) dropped 1.5%.
Bitcoin itself was down 2.7% at the market close Tuesday.
Investor expectations for a 'hard landing' are tumbling
Investor sentiment is the most bullish it has been since February, according to the latest Bank of America Fund Manager's Survey released on Tuesday.
Optimism around the trajectory of the global economy has been backing the renewed optimism seen in stocks. Just 9% of respondents to the July survey believed the most likely outcome for the economy in the next 12 months is a "hard landing," where the economic growth slows to recessionary levels. That marked the lowest number of respondents seeing a dour outlook for the economy since February and was a far cry from the 49% projecting a downturn at the peak of President Trump's tariff escalation in April.
With Trump once again spinning the tariff dial higher, how expectations shift in this chart shift in the coming months will remain a key talking point when understanding how investor fears around tariffs are evolving.
5 reasons why crypto is having another moment
Bitcoin's (BTC-USD) 75% surge from its November lows isn't just another speculative spike, Yahoo Finance's Francisco Velasquez reports:
Read the full story here.
Tech continues winning streak as other sectors fall
The Technology Sector (XLK) led US stocks on Tuesday, climbing more than 1% and continuing its recent trend of outperforming other industries after tech stocks saw a turbulent start to the year.
Nvidia (NVDA) led the "Magnificent Seven" tech stocks higher, rising 4% in afternoon trading after the chipmaker said it expected to resume sales of its AI chips to China. Shares of Google (GOOG) and Apple (AAPL) also rose more than 1% Tuesday.
Meanwhile, the Health Care (XLV) and Energy (XLB) Sectors dragged indexes lower Tuesday after the latest Consumer Price Index report showed prices rising in June and lowered expectations for rate cuts from the Federal Reserve.
The Financial Sector (XLF) was dragged lower as the stocks of large financial institutions — JPMorgan (JPM), Wells Fargo (WFC), BlackRock (BLK), and The Bank of New York Mellon (BK) — fell amid mixed earnings results.
Tesla launches in India with small bet on potentially massive market
Tesla (TSLA) officially launched in India on Tuesday, making a small bet on a country with massive growth potential, Yahoo Finance's Pras Subramanian reported.
Tesla stock was down less than 1% in early afternoon trading.
Separately, the Wall Street Journal on Tuesday reported that Tesla's top sales executive in North America left the EV maker.
Read the full story here.
30-year Treasury yield rises above 5% for first time in six weeks
The 30-year Treasury (^TYX) yield rose 5 basis points to 5.02%, its highest level since May 23, as investors' long-term inflation expectations rose in light of a CPI report that showed prices rising in June.
Meanwhile, the 10-year Treasury (^TNX) yield rose 5.2 basis points to 4.5%, its highest level in a month.
The Consumer Price Index rose 2.7% over the prior year in June, an uptick from May's 2.4%.
Alibaba, Baidu jump as the Chinese tech firms are 'poised to benefit from Nvidia's return to China'
US-listed shares of Alibaba (BABA) and Baidu (BIDU) jumped 6.4% and 7.8%, respectively, on Tuesday following news that Nvidia (NVDA) is set to resume sales of its AI chips to China.
CFRA Research analyst Angelo Zino said the two Chinese tech giants, which operate AI cloud services, are "poised to benefit from Nvidia's return to China."
"Both companies are aggressively stepping up AI infrastructure build efforts, which we expect to help drive AI spending growth in the region," Zino wrote in an analysis Tuesday. "Access to advanced Nvidia chips is a welcoming sign for Chinese cloud providers."
Zino added: "Although we acknowledge that Chinese companies like Huawei are developing their own AI chips, we think domestic brands are inferior to the performance constrained H20 GPUs."
JPMorgan's Dimon warns against 'playing around with the Fed' as Powell pressure mounts
JPMorgan's (JPM) CEO issued a warning that President Trump's intensifying pressure on the Federal Reserve to cut interest rates and replace the central bank's chair, Jerome Powell, could have unintended effects.
Yahoo Finance's David Hollerith and Ben Werschkul report:
Read the full story here.
MP Materials stock soars after $500 million rare earths deal with Apple
US-based rare earth materials miner MP Materials Corp. (MP) saw its stock soar more than 22% Tuesday after announcing a deal with Apple (AAPL).
Apple on Tuesday said that it had committed to a $500 million multiyear deal with MP Materials to buy its rare earth magnets for the tech giant's products.
The iPhone maker said the deal was part of its effort to build out its US supply chain. Apple has committed to spending over $500 billion in the US to help expand its domestic manufacturing capacity.
'Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States," Apple CEO Tim Cook said Tuesday.
Apple has come under pressure from President Trump, who has threatened the company with 25% tariffs on its overseas-made iPhones.
Apple stock rose fractionally on Tuesday morning.
Tech leads US stocks higher
Tech led stocks higher on Tuesday as chip stocks rose across the board following news that AI chipmaker Nvidia (NVDA) and its rival AMD (AMD) were on track to resume sales of their chips to China.
The Nasdaq Composite (^IXIC) jumped 0.7%, while the S&P 500 (^GSPC) rose 0.3%. The Dow Jones Industrial Average (^DJI) fell 0.3%, as a key consumer inflation report showed prices accelerated in June.
Meanwhile, big banks' earnings season kicked off with mixed results from JPMorgan (JPM), Citi C) and Wells Fargo (WFC). Shares of Citi rose after better-than-expected earnings, while Wells Fargo fell as the bank cut its full year forecast for net interest income, a key profitability metric.
JPMorgan's dealmaking boost in the quarter demonstrated how Wall Street recovered from Trump's most sweeping tariffs in real time but wasn't enough to push the stock higher, with shares falling 1% early Tuesday.
Chip stocks jump, Nvidia eyes fresh record as it looks to resume H20 sales to China
Chip stocks climbed Tuesday before the market open after Nvidia (NVDA) and AMD (AMD) said they are planning to resume sales of their AI chips to China after the US government approves them.
Nvidia climbed more than 4%, while AMD jumped over 5%.
Micron (MU) and Broadcom (AVGO) rose about 2%. US-listed shares of Nvidia and AMD's contract manufacturer, TSMC (TSM), gained more than 2%.
Nvidia's gain is set to push the stock to a new record high, boosting the company's market cap further above the $4 trillion mark after cementing its spot as the world's most valuable company in history last week.
Read the full story about Nvidia stock's gain on Tuesday here.
Consumer price increases accelerate in June
The latest data from the Bureau of Labor Statistics showed that consumer prices increased 2.7% over the prior year in June, an acceleration from May's 2.4% and above economists' forecast for 2.6%.
On a month-over-month basis, prices increased 0.3%, in line with economists' expectations. Prices increased 0.1% on a monthly basis in May by comparison.
On a "core" basis, which strips out the more volatile costs of food and gas, prices in June climbed 0.2% over the prior month, ahead of May's 0.1% rise but below consensus projections for a 0.3% increase. Over the last year, core prices rose 2.9%, in line with expectations and above the 2.8% seen the month prior.
Read more here.
Trending tickers premarket: Nvidia, JPMorgan, BlackRock, The Trade Desk
Here's a look at the top tickers trending on Yahoo Finance this morning:
Check out more trending tickers here.
JPMorgan gets a dealmaking boost as Wall Street recovered from tariff tumult
JPMorgan Chase's (JPM) second quarter results came in better than expected on Tuesday, though shares in the bank were lower by less than 1% in premarket trading.
Yahoo Finance's David Hollerith reports:
Read more here.
Jerome Powell has more housing problems now, including the Fed's
For all the talk about the Fed's prolonged challenge to tame the frenzy of the COVID-era housing market, it's the central bank's own headquarters that's drawing intense scrutiny from the White House.
But that's just one of the Fed's housing problems, Yahoo Finance's Hamza Shaban reports in today's Morning Brief:
Read more here.
BlackRock assets balloon to over $12 trillion in Q2
BlackRock's (BLK) assets under management surged to top $12 trillion in the second quarter, the first money manager to pass that milestone.
Adjusted quarterly profit came in at $1.88 billion, or $12.05 per share, up from $1.55 billion, or $10.36 per share, a year earlier. That compares with an average estimate for $10.78 a share, per a FactSet survey of analysts.
Shares in BlackRock slipped 1% in premarket trading as investors parsed its results.
Reuters reports:
Read more here.
Nvidia shares pop as US clears way for AI chip sales to China
Nvidia (NVDA) stock is popping in premarket trade after the AI chipmaker got a breakthrough in its China sales logjam.
Shares are up 5% after Nvidia said it had secured Trump administration approval to restart deliveries of its China-tailored AI chip.
Bloomberg reports:
Read more here.
Gold bounces back from early week slip
Gold (GC=F) prices rebounded from a mild dip Monday as global tariff talks have failed to offer investors a sense of security, bolstering the value of the haven asset.
Bloomberg reports:
Bullion rose as much as 0.5% after dropping by a similar amount in the previous session. President Donald Trump said he was open to more talks with major economies including the European Union. But that appeared to be at odds with his insistence that letters to governments setting tariff rates are 'the deals' for trade partners.
The precious metal has surged by more than a quarter this year, hitting a record above $3,500 an ounce in April, as the US's aggressive and erratic trade policy enhanced its appeal as a store of value in uncertain times. However, the rally has stalled over the last three months as investors wait for more clarity on the eventual contours of the new trade system, and on signs they're hesitant to buy gold at such elevated levels.
'If trade talks deteriorate before August, we could easily see bullion retest or even breach its former highs,' said Fawad Razaqzada, a market analyst at City Index. 'For now, the market seems firmly in wait-and-see mode, keeping the gold forecast leaning cautiously bullish.'
Read more here.
Why the stock market has shrugged off Trump's latest tariff threats
President Trump is once again turning up the tariff dial, but stocks aren't reacting nearly as strongly as they did back in April, Yahoo Finance's Josh Schafer reports:
Read the full story here.
President Trump is once again turning up the tariff dial, but stocks aren't reacting nearly as strongly as they did back in April, Yahoo Finance's Josh Schafer reports:
Read the full story here.
S&P 500, Dow end lower while Nasdaq notches fresh record
The S&P 500 (^GSPC) fell 0.4% to end Tuesday, a reversal from gains earlier in the day. The Dow Jones Industrial Average (^DJI) fell more than 400 points.
The Materials (XLV), Health Care (XLV), and Financial (XLF) Sectors led declines on the S&P 500 amid a Consumer Price Index report that showed inflation ticking up in June and mixed quarterly earnings results from major financial institutions.
Meanwhile, tech stocks pushed higher Tuesday, with the Nasdaq (^IXIC) closing the trading session up 0.2%, paring earlier gains but notching a fresh record high. The index's gains were fueled by a jump in shares of AI chipmaker Nvidia (NVDA), which hit its own fresh record high.
The S&P 500 (^GSPC) fell 0.4% to end Tuesday, a reversal from gains earlier in the day. The Dow Jones Industrial Average (^DJI) fell more than 400 points.
The Materials (XLV), Health Care (XLV), and Financial (XLF) Sectors led declines on the S&P 500 amid a Consumer Price Index report that showed inflation ticking up in June and mixed quarterly earnings results from major financial institutions.
Meanwhile, tech stocks pushed higher Tuesday, with the Nasdaq (^IXIC) closing the trading session up 0.2%, paring earlier gains but notching a fresh record high. The index's gains were fueled by a jump in shares of AI chipmaker Nvidia (NVDA), which hit its own fresh record high.
Coinbase, crypto stocks fall after Congress fails to advance crypto bills
Crypto stocks fell after the US House of Representatives failed to advance three cryptocurrency-related bills on Tuesday.
One of those bills was the GENIUS Act, which was passed by the Senate in June and would establish a regulatory framework for stablecoin issuers.
Shares of stablecoin issuer Circle (CRCL), which went public in a stunning IPO in early June, fell 4.6%. Strategy (MSTR), the largest corporate holder of Bitcoin, fell 1.9%, and shares of crypto exchange Coinbase (COIN) dropped 1.5%.
Bitcoin itself was down 2.7% at the market close Tuesday.
Crypto stocks fell after the US House of Representatives failed to advance three cryptocurrency-related bills on Tuesday.
One of those bills was the GENIUS Act, which was passed by the Senate in June and would establish a regulatory framework for stablecoin issuers.
Shares of stablecoin issuer Circle (CRCL), which went public in a stunning IPO in early June, fell 4.6%. Strategy (MSTR), the largest corporate holder of Bitcoin, fell 1.9%, and shares of crypto exchange Coinbase (COIN) dropped 1.5%.
Bitcoin itself was down 2.7% at the market close Tuesday.
Investor expectations for a 'hard landing' are tumbling
Investor sentiment is the most bullish it has been since February, according to the latest Bank of America Fund Manager's Survey released on Tuesday.
Optimism around the trajectory of the global economy has been backing the renewed optimism seen in stocks. Just 9% of respondents to the July survey believed the most likely outcome for the economy in the next 12 months is a "hard landing," where the economic growth slows to recessionary levels. That marked the lowest number of respondents seeing a dour outlook for the economy since February and was a far cry from the 49% projecting a downturn at the peak of President Trump's tariff escalation in April.
With Trump once again spinning the tariff dial higher, how expectations shift in this chart shift in the coming months will remain a key talking point when understanding how investor fears around tariffs are evolving.
Investor sentiment is the most bullish it has been since February, according to the latest Bank of America Fund Manager's Survey released on Tuesday.
Optimism around the trajectory of the global economy has been backing the renewed optimism seen in stocks. Just 9% of respondents to the July survey believed the most likely outcome for the economy in the next 12 months is a "hard landing," where the economic growth slows to recessionary levels. That marked the lowest number of respondents seeing a dour outlook for the economy since February and was a far cry from the 49% projecting a downturn at the peak of President Trump's tariff escalation in April.
With Trump once again spinning the tariff dial higher, how expectations shift in this chart shift in the coming months will remain a key talking point when understanding how investor fears around tariffs are evolving.
5 reasons why crypto is having another moment
Bitcoin's (BTC-USD) 75% surge from its November lows isn't just another speculative spike, Yahoo Finance's Francisco Velasquez reports:
Read the full story here.
Bitcoin's (BTC-USD) 75% surge from its November lows isn't just another speculative spike, Yahoo Finance's Francisco Velasquez reports:
Read the full story here.
Tech continues winning streak as other sectors fall
The Technology Sector (XLK) led US stocks on Tuesday, climbing more than 1% and continuing its recent trend of outperforming other industries after tech stocks saw a turbulent start to the year.
Nvidia (NVDA) led the "Magnificent Seven" tech stocks higher, rising 4% in afternoon trading after the chipmaker said it expected to resume sales of its AI chips to China. Shares of Google (GOOG) and Apple (AAPL) also rose more than 1% Tuesday.
Meanwhile, the Health Care (XLV) and Energy (XLB) Sectors dragged indexes lower Tuesday after the latest Consumer Price Index report showed prices rising in June and lowered expectations for rate cuts from the Federal Reserve.
The Financial Sector (XLF) was dragged lower as the stocks of large financial institutions — JPMorgan (JPM), Wells Fargo (WFC), BlackRock (BLK), and The Bank of New York Mellon (BK) — fell amid mixed earnings results.
The Technology Sector (XLK) led US stocks on Tuesday, climbing more than 1% and continuing its recent trend of outperforming other industries after tech stocks saw a turbulent start to the year.
Nvidia (NVDA) led the "Magnificent Seven" tech stocks higher, rising 4% in afternoon trading after the chipmaker said it expected to resume sales of its AI chips to China. Shares of Google (GOOG) and Apple (AAPL) also rose more than 1% Tuesday.
Meanwhile, the Health Care (XLV) and Energy (XLB) Sectors dragged indexes lower Tuesday after the latest Consumer Price Index report showed prices rising in June and lowered expectations for rate cuts from the Federal Reserve.
The Financial Sector (XLF) was dragged lower as the stocks of large financial institutions — JPMorgan (JPM), Wells Fargo (WFC), BlackRock (BLK), and The Bank of New York Mellon (BK) — fell amid mixed earnings results.
Tesla launches in India with small bet on potentially massive market
Tesla (TSLA) officially launched in India on Tuesday, making a small bet on a country with massive growth potential, Yahoo Finance's Pras Subramanian reported.
Tesla stock was down less than 1% in early afternoon trading.
Separately, the Wall Street Journal on Tuesday reported that Tesla's top sales executive in North America left the EV maker.
Read the full story here.
Tesla (TSLA) officially launched in India on Tuesday, making a small bet on a country with massive growth potential, Yahoo Finance's Pras Subramanian reported.
Tesla stock was down less than 1% in early afternoon trading.
Separately, the Wall Street Journal on Tuesday reported that Tesla's top sales executive in North America left the EV maker.
Read the full story here.
30-year Treasury yield rises above 5% for first time in six weeks
The 30-year Treasury (^TYX) yield rose 5 basis points to 5.02%, its highest level since May 23, as investors' long-term inflation expectations rose in light of a CPI report that showed prices rising in June.
Meanwhile, the 10-year Treasury (^TNX) yield rose 5.2 basis points to 4.5%, its highest level in a month.
The Consumer Price Index rose 2.7% over the prior year in June, an uptick from May's 2.4%.
The 30-year Treasury (^TYX) yield rose 5 basis points to 5.02%, its highest level since May 23, as investors' long-term inflation expectations rose in light of a CPI report that showed prices rising in June.
Meanwhile, the 10-year Treasury (^TNX) yield rose 5.2 basis points to 4.5%, its highest level in a month.
The Consumer Price Index rose 2.7% over the prior year in June, an uptick from May's 2.4%.
Alibaba, Baidu jump as the Chinese tech firms are 'poised to benefit from Nvidia's return to China'
US-listed shares of Alibaba (BABA) and Baidu (BIDU) jumped 6.4% and 7.8%, respectively, on Tuesday following news that Nvidia (NVDA) is set to resume sales of its AI chips to China.
CFRA Research analyst Angelo Zino said the two Chinese tech giants, which operate AI cloud services, are "poised to benefit from Nvidia's return to China."
"Both companies are aggressively stepping up AI infrastructure build efforts, which we expect to help drive AI spending growth in the region," Zino wrote in an analysis Tuesday. "Access to advanced Nvidia chips is a welcoming sign for Chinese cloud providers."
Zino added: "Although we acknowledge that Chinese companies like Huawei are developing their own AI chips, we think domestic brands are inferior to the performance constrained H20 GPUs."
US-listed shares of Alibaba (BABA) and Baidu (BIDU) jumped 6.4% and 7.8%, respectively, on Tuesday following news that Nvidia (NVDA) is set to resume sales of its AI chips to China.
CFRA Research analyst Angelo Zino said the two Chinese tech giants, which operate AI cloud services, are "poised to benefit from Nvidia's return to China."
"Both companies are aggressively stepping up AI infrastructure build efforts, which we expect to help drive AI spending growth in the region," Zino wrote in an analysis Tuesday. "Access to advanced Nvidia chips is a welcoming sign for Chinese cloud providers."
Zino added: "Although we acknowledge that Chinese companies like Huawei are developing their own AI chips, we think domestic brands are inferior to the performance constrained H20 GPUs."
JPMorgan's Dimon warns against 'playing around with the Fed' as Powell pressure mounts
JPMorgan's (JPM) CEO issued a warning that President Trump's intensifying pressure on the Federal Reserve to cut interest rates and replace the central bank's chair, Jerome Powell, could have unintended effects.
Yahoo Finance's David Hollerith and Ben Werschkul report:
Read the full story here.
JPMorgan's (JPM) CEO issued a warning that President Trump's intensifying pressure on the Federal Reserve to cut interest rates and replace the central bank's chair, Jerome Powell, could have unintended effects.
Yahoo Finance's David Hollerith and Ben Werschkul report:
Read the full story here.
MP Materials stock soars after $500 million rare earths deal with Apple
US-based rare earth materials miner MP Materials Corp. (MP) saw its stock soar more than 22% Tuesday after announcing a deal with Apple (AAPL).
Apple on Tuesday said that it had committed to a $500 million multiyear deal with MP Materials to buy its rare earth magnets for the tech giant's products.
The iPhone maker said the deal was part of its effort to build out its US supply chain. Apple has committed to spending over $500 billion in the US to help expand its domestic manufacturing capacity.
'Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States," Apple CEO Tim Cook said Tuesday.
Apple has come under pressure from President Trump, who has threatened the company with 25% tariffs on its overseas-made iPhones.
Apple stock rose fractionally on Tuesday morning.
US-based rare earth materials miner MP Materials Corp. (MP) saw its stock soar more than 22% Tuesday after announcing a deal with Apple (AAPL).
Apple on Tuesday said that it had committed to a $500 million multiyear deal with MP Materials to buy its rare earth magnets for the tech giant's products.
The iPhone maker said the deal was part of its effort to build out its US supply chain. Apple has committed to spending over $500 billion in the US to help expand its domestic manufacturing capacity.
'Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States," Apple CEO Tim Cook said Tuesday.
Apple has come under pressure from President Trump, who has threatened the company with 25% tariffs on its overseas-made iPhones.
Apple stock rose fractionally on Tuesday morning.
Tech leads US stocks higher
Tech led stocks higher on Tuesday as chip stocks rose across the board following news that AI chipmaker Nvidia (NVDA) and its rival AMD (AMD) were on track to resume sales of their chips to China.
The Nasdaq Composite (^IXIC) jumped 0.7%, while the S&P 500 (^GSPC) rose 0.3%. The Dow Jones Industrial Average (^DJI) fell 0.3%, as a key consumer inflation report showed prices accelerated in June.
Meanwhile, big banks' earnings season kicked off with mixed results from JPMorgan (JPM), Citi C) and Wells Fargo (WFC). Shares of Citi rose after better-than-expected earnings, while Wells Fargo fell as the bank cut its full year forecast for net interest income, a key profitability metric.
JPMorgan's dealmaking boost in the quarter demonstrated how Wall Street recovered from Trump's most sweeping tariffs in real time but wasn't enough to push the stock higher, with shares falling 1% early Tuesday.
Tech led stocks higher on Tuesday as chip stocks rose across the board following news that AI chipmaker Nvidia (NVDA) and its rival AMD (AMD) were on track to resume sales of their chips to China.
The Nasdaq Composite (^IXIC) jumped 0.7%, while the S&P 500 (^GSPC) rose 0.3%. The Dow Jones Industrial Average (^DJI) fell 0.3%, as a key consumer inflation report showed prices accelerated in June.
Meanwhile, big banks' earnings season kicked off with mixed results from JPMorgan (JPM), Citi C) and Wells Fargo (WFC). Shares of Citi rose after better-than-expected earnings, while Wells Fargo fell as the bank cut its full year forecast for net interest income, a key profitability metric.
JPMorgan's dealmaking boost in the quarter demonstrated how Wall Street recovered from Trump's most sweeping tariffs in real time but wasn't enough to push the stock higher, with shares falling 1% early Tuesday.
Chip stocks jump, Nvidia eyes fresh record as it looks to resume H20 sales to China
Chip stocks climbed Tuesday before the market open after Nvidia (NVDA) and AMD (AMD) said they are planning to resume sales of their AI chips to China after the US government approves them.
Nvidia climbed more than 4%, while AMD jumped over 5%.
Micron (MU) and Broadcom (AVGO) rose about 2%. US-listed shares of Nvidia and AMD's contract manufacturer, TSMC (TSM), gained more than 2%.
Nvidia's gain is set to push the stock to a new record high, boosting the company's market cap further above the $4 trillion mark after cementing its spot as the world's most valuable company in history last week.
Read the full story about Nvidia stock's gain on Tuesday here.
Chip stocks climbed Tuesday before the market open after Nvidia (NVDA) and AMD (AMD) said they are planning to resume sales of their AI chips to China after the US government approves them.
Nvidia climbed more than 4%, while AMD jumped over 5%.
Micron (MU) and Broadcom (AVGO) rose about 2%. US-listed shares of Nvidia and AMD's contract manufacturer, TSMC (TSM), gained more than 2%.
Nvidia's gain is set to push the stock to a new record high, boosting the company's market cap further above the $4 trillion mark after cementing its spot as the world's most valuable company in history last week.
Read the full story about Nvidia stock's gain on Tuesday here.
Consumer price increases accelerate in June
The latest data from the Bureau of Labor Statistics showed that consumer prices increased 2.7% over the prior year in June, an acceleration from May's 2.4% and above economists' forecast for 2.6%.
On a month-over-month basis, prices increased 0.3%, in line with economists' expectations. Prices increased 0.1% on a monthly basis in May by comparison.
On a "core" basis, which strips out the more volatile costs of food and gas, prices in June climbed 0.2% over the prior month, ahead of May's 0.1% rise but below consensus projections for a 0.3% increase. Over the last year, core prices rose 2.9%, in line with expectations and above the 2.8% seen the month prior.
Read more here.
The latest data from the Bureau of Labor Statistics showed that consumer prices increased 2.7% over the prior year in June, an acceleration from May's 2.4% and above economists' forecast for 2.6%.
On a month-over-month basis, prices increased 0.3%, in line with economists' expectations. Prices increased 0.1% on a monthly basis in May by comparison.
On a "core" basis, which strips out the more volatile costs of food and gas, prices in June climbed 0.2% over the prior month, ahead of May's 0.1% rise but below consensus projections for a 0.3% increase. Over the last year, core prices rose 2.9%, in line with expectations and above the 2.8% seen the month prior.
Read more here.
Trending tickers premarket: Nvidia, JPMorgan, BlackRock, The Trade Desk
Here's a look at the top tickers trending on Yahoo Finance this morning:
Check out more trending tickers here.
Here's a look at the top tickers trending on Yahoo Finance this morning:
Check out more trending tickers here.
JPMorgan gets a dealmaking boost as Wall Street recovered from tariff tumult
JPMorgan Chase's (JPM) second quarter results came in better than expected on Tuesday, though shares in the bank were lower by less than 1% in premarket trading.
Yahoo Finance's David Hollerith reports:
Read more here.
JPMorgan Chase's (JPM) second quarter results came in better than expected on Tuesday, though shares in the bank were lower by less than 1% in premarket trading.
Yahoo Finance's David Hollerith reports:
Read more here.
Jerome Powell has more housing problems now, including the Fed's
For all the talk about the Fed's prolonged challenge to tame the frenzy of the COVID-era housing market, it's the central bank's own headquarters that's drawing intense scrutiny from the White House.
But that's just one of the Fed's housing problems, Yahoo Finance's Hamza Shaban reports in today's Morning Brief:
Read more here.
For all the talk about the Fed's prolonged challenge to tame the frenzy of the COVID-era housing market, it's the central bank's own headquarters that's drawing intense scrutiny from the White House.
But that's just one of the Fed's housing problems, Yahoo Finance's Hamza Shaban reports in today's Morning Brief:
Read more here.
BlackRock assets balloon to over $12 trillion in Q2
BlackRock's (BLK) assets under management surged to top $12 trillion in the second quarter, the first money manager to pass that milestone.
Adjusted quarterly profit came in at $1.88 billion, or $12.05 per share, up from $1.55 billion, or $10.36 per share, a year earlier. That compares with an average estimate for $10.78 a share, per a FactSet survey of analysts.
Shares in BlackRock slipped 1% in premarket trading as investors parsed its results.
Reuters reports:
Read more here.
BlackRock's (BLK) assets under management surged to top $12 trillion in the second quarter, the first money manager to pass that milestone.
Adjusted quarterly profit came in at $1.88 billion, or $12.05 per share, up from $1.55 billion, or $10.36 per share, a year earlier. That compares with an average estimate for $10.78 a share, per a FactSet survey of analysts.
Shares in BlackRock slipped 1% in premarket trading as investors parsed its results.
Reuters reports:
Read more here.
Nvidia shares pop as US clears way for AI chip sales to China
Nvidia (NVDA) stock is popping in premarket trade after the AI chipmaker got a breakthrough in its China sales logjam.
Shares are up 5% after Nvidia said it had secured Trump administration approval to restart deliveries of its China-tailored AI chip.
Bloomberg reports:
Read more here.
Nvidia (NVDA) stock is popping in premarket trade after the AI chipmaker got a breakthrough in its China sales logjam.
Shares are up 5% after Nvidia said it had secured Trump administration approval to restart deliveries of its China-tailored AI chip.
Bloomberg reports:
Read more here.
Gold bounces back from early week slip
Gold (GC=F) prices rebounded from a mild dip Monday as global tariff talks have failed to offer investors a sense of security, bolstering the value of the haven asset.
Bloomberg reports:
Bullion rose as much as 0.5% after dropping by a similar amount in the previous session. President Donald Trump said he was open to more talks with major economies including the European Union. But that appeared to be at odds with his insistence that letters to governments setting tariff rates are 'the deals' for trade partners.
The precious metal has surged by more than a quarter this year, hitting a record above $3,500 an ounce in April, as the US's aggressive and erratic trade policy enhanced its appeal as a store of value in uncertain times. However, the rally has stalled over the last three months as investors wait for more clarity on the eventual contours of the new trade system, and on signs they're hesitant to buy gold at such elevated levels.
'If trade talks deteriorate before August, we could easily see bullion retest or even breach its former highs,' said Fawad Razaqzada, a market analyst at City Index. 'For now, the market seems firmly in wait-and-see mode, keeping the gold forecast leaning cautiously bullish.'
Read more here.
Gold (GC=F) prices rebounded from a mild dip Monday as global tariff talks have failed to offer investors a sense of security, bolstering the value of the haven asset.
Bloomberg reports:
Bullion rose as much as 0.5% after dropping by a similar amount in the previous session. President Donald Trump said he was open to more talks with major economies including the European Union. But that appeared to be at odds with his insistence that letters to governments setting tariff rates are 'the deals' for trade partners.
The precious metal has surged by more than a quarter this year, hitting a record above $3,500 an ounce in April, as the US's aggressive and erratic trade policy enhanced its appeal as a store of value in uncertain times. However, the rally has stalled over the last three months as investors wait for more clarity on the eventual contours of the new trade system, and on signs they're hesitant to buy gold at such elevated levels.
'If trade talks deteriorate before August, we could easily see bullion retest or even breach its former highs,' said Fawad Razaqzada, a market analyst at City Index. 'For now, the market seems firmly in wait-and-see mode, keeping the gold forecast leaning cautiously bullish.'
Read more here.
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