Stock market today: Dow, S&P 500, Nasdaq futures climb as Wall Street digests July inflation report
Futures attached to the Dow Jones Industrial Average (YM=F) rose 0.6%. Those tied to the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) were both up around 0.7%.
The latest data from the Bureau of Labor Statistics showed that "core" inflation, which excludes volatile food and energy costs, rose 3.1% over the past year in July, ahead of June's 2.9% increase and indicating that rising goods inflation is no longer being offset by easing services inflation.
But on a headline basis, the Consumer Price Index (CPI) increased 2.7% year-over-year, matching June and coming in softer than economist expectations of a 2.8% rise.
The report was the first major piece of economic data to be released by the Bureau of Labor Statistics after Trump fired Erika McEntarfer as commissioner of the BLS earlier this month following the release of the July jobs report. Late Monday, Trump announced that he nominated E.J. Antoni, chief economist at the conservative Heritage Foundation, to lead the BLS.
In corporate news, Intel (INTC) stock jumped more than 2% in premarket trading on Tuesday after CEO Lip-Bu Tan met with President Trump, who had called for Tan's resignation last week.
After the meeting, Trump posted to Truth Social saying that he had met with Tan along with Secretary of Commerce Howard Lutnick and Secretary of the Treasury Scott Bessent. "The meeting was a very interesting one," the president wrote, adding, "His success and rise is an amazing story."
On Tuesday, reports said China urged local firms not to use Nvidia H20 chips, complicating Trump's bid to turn those sales into a US windfall. Trump also granted another 90-day pause on the most punishing tariffs on China as the two countries work toward a trade deal.
Read more: The latest on Trump's tariffs
Investors will get two more pulse checks on the state of the economy later this week, with the release of the Producer Price Index on Thursday and retail sales data on Friday.
"Core" price increases accelerate more than expected in July
Price increases accelerated more than expected in July.
The latest data from the Bureau of Labor Statistics showed that on a "core" basis, which strips out the more volatile costs of food and gas, consumer prices in increased 3.1% over the prior year in July, an increase from June's 2.9% and above economists' forecast for 3%.
Core prices climbed 0.3% over the prior month, ahead of June's 0.2% increase but in line with expectations.
The headline Consumer Price Index (CPI) showed prices increased 2.7% in July, unchanged from the month prior and below the 2.8% economists had expected. On a month-over-month basis, prices increased 0.2%, lower than the 0.3% seen the month prior.
Circle stock jumps on first earnings report since going public
Circle (CRCL) posted higher revenue and reserve income on Tuesday in its first quarterly report since its IPO in June, as circulation of its stablecoin USDC (USDC-USD) spread.
Circle stock rose 6% in premarket trading on Tuesday. Its total gains since going public are now 133%.
Reuters reports:
Read more here.
US small business optimism rebounds, but uncertainty clouds outlook
Reuters reports:
Read more here.
Good morning. Here's what's happening today.
Economic data: NFIB Small Business Optimism (July); Consumer Price Index (July); Real average hourly earnings (July)
Earnings: Circle (CRCL), Pony AI (PONY), On Holding (ONON), CoreWeave (CRWV), Rigetti (RGTI), Cava (CAVA)
Here are some of the biggest stories you may have missed overnight and early this morning:
July inflation report expected to show prices accelerated
Media musical chairs are reshaping the sports landscape
Earnings live: Circle pops on higher revenue in first earnings report
Intel stock rises after Trump praises CEO's 'amazing story'
China urges firms to shun Nvidia chips, trade truce extended
Musk accuses Apple of unfairly favoring OpenAI on iPhone
Google and IBM believe workable quantum computer is in sight
US small business optimism up but uncertainty clouds outlook
Switzerland wants binding Trump commitment on gold tariffs
Cannabis stocks soar as President Trump considers reclassifying marijuana
Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug.
The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year.
Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%.
On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks.
"We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject."
Intel is still a disaster
Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday.
Don't be fooled by the price action, however.
This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is.
Intel's statement on the meeting:
"Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company."
Japan's Nikkei hits record high on tariff relief, tech rally
The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief.
Bloomberg News reports:
Read more here.
"Core" price increases accelerate more than expected in July
Price increases accelerated more than expected in July.
The latest data from the Bureau of Labor Statistics showed that on a "core" basis, which strips out the more volatile costs of food and gas, consumer prices in increased 3.1% over the prior year in July, an increase from June's 2.9% and above economists' forecast for 3%.
Core prices climbed 0.3% over the prior month, ahead of June's 0.2% increase but in line with expectations.
The headline Consumer Price Index (CPI) showed prices increased 2.7% in July, unchanged from the month prior and below the 2.8% economists had expected. On a month-over-month basis, prices increased 0.2%, lower than the 0.3% seen the month prior.
Price increases accelerated more than expected in July.
The latest data from the Bureau of Labor Statistics showed that on a "core" basis, which strips out the more volatile costs of food and gas, consumer prices in increased 3.1% over the prior year in July, an increase from June's 2.9% and above economists' forecast for 3%.
Core prices climbed 0.3% over the prior month, ahead of June's 0.2% increase but in line with expectations.
The headline Consumer Price Index (CPI) showed prices increased 2.7% in July, unchanged from the month prior and below the 2.8% economists had expected. On a month-over-month basis, prices increased 0.2%, lower than the 0.3% seen the month prior.
Circle stock jumps on first earnings report since going public
Circle (CRCL) posted higher revenue and reserve income on Tuesday in its first quarterly report since its IPO in June, as circulation of its stablecoin USDC (USDC-USD) spread.
Circle stock rose 6% in premarket trading on Tuesday. Its total gains since going public are now 133%.
Reuters reports:
Read more here.
Circle (CRCL) posted higher revenue and reserve income on Tuesday in its first quarterly report since its IPO in June, as circulation of its stablecoin USDC (USDC-USD) spread.
Circle stock rose 6% in premarket trading on Tuesday. Its total gains since going public are now 133%.
Reuters reports:
Read more here.
US small business optimism rebounds, but uncertainty clouds outlook
Reuters reports:
Read more here.
Reuters reports:
Read more here.
Good morning. Here's what's happening today.
Economic data: NFIB Small Business Optimism (July); Consumer Price Index (July); Real average hourly earnings (July)
Earnings: Circle (CRCL), Pony AI (PONY), On Holding (ONON), CoreWeave (CRWV), Rigetti (RGTI), Cava (CAVA)
Here are some of the biggest stories you may have missed overnight and early this morning:
July inflation report expected to show prices accelerated
Media musical chairs are reshaping the sports landscape
Earnings live: Circle pops on higher revenue in first earnings report
Intel stock rises after Trump praises CEO's 'amazing story'
China urges firms to shun Nvidia chips, trade truce extended
Musk accuses Apple of unfairly favoring OpenAI on iPhone
Google and IBM believe workable quantum computer is in sight
US small business optimism up but uncertainty clouds outlook
Switzerland wants binding Trump commitment on gold tariffs
Economic data: NFIB Small Business Optimism (July); Consumer Price Index (July); Real average hourly earnings (July)
Earnings: Circle (CRCL), Pony AI (PONY), On Holding (ONON), CoreWeave (CRWV), Rigetti (RGTI), Cava (CAVA)
Here are some of the biggest stories you may have missed overnight and early this morning:
July inflation report expected to show prices accelerated
Media musical chairs are reshaping the sports landscape
Earnings live: Circle pops on higher revenue in first earnings report
Intel stock rises after Trump praises CEO's 'amazing story'
China urges firms to shun Nvidia chips, trade truce extended
Musk accuses Apple of unfairly favoring OpenAI on iPhone
Google and IBM believe workable quantum computer is in sight
US small business optimism up but uncertainty clouds outlook
Switzerland wants binding Trump commitment on gold tariffs
Cannabis stocks soar as President Trump considers reclassifying marijuana
Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug.
The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year.
Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%.
On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks.
"We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject."
Tilray (TLRY) stock rose another 10% in premarket trading on Tuesday after soaring 41% on Monday amid speculation that President Trump may move to reclassify marijuana as a less dangerous drug.
The Canadian cannabis company traded hands at over $1 per share for the first time since February. Despite a 60% gain in the past month, however, shares are still off by 30% for the year.
Other cannabis stocks saw a major lift as well. Trulieve (TCNNF) gained 38% on Monday, Curaleaf (CURLF) was up 35%, Green Thumb Industries (GTBIF) added 19%, Aurora (ACB) increased 16%, and Canopy Growth (CGC) surged 26%.
On Friday, the Wall Street Journal reported that Trump told donors at a New Jersey fundraiser he was considering making marijuana a Schedule III drug, which would ease restrictions on the substance. Trump said he will make a final decision in the coming weeks.
"We're looking at reclassification and we'll make a determination over the next — I would say over the next few weeks, and that determination hopefully will be the right one," Trump said. "It's a very complicated subject."
Intel is still a disaster
Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday.
Don't be fooled by the price action, however.
This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is.
Intel's statement on the meeting:
"Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company."
Intel (INTC) is rallying premarket as Trump walked back his apparent hate for the company's CEO, Lip-Bu Tan, after meeting on Monday.
Don't be fooled by the price action, however.
This isn't the case like Apple (AAPL), where CEO Tim Cook kisses Trump's butt and the company is exempt from various tariffs. Intel is a fundamental disaster right now. People in the industry I talk to are unsure if the company will ever come back to a state of health, given 1) how fast AI chip development is occurring, and 2) how far behind Nvidia and AMD Intel is.
Intel's statement on the meeting:
"Earlier today, Mr. Tan had the honor of meeting with President Trump for a candid and constructive discussion on Intel's commitment to strengthening U.S. technology and manufacturing leadership. We appreciate the President's strong leadership to advance these critical priorities and look forward to working closely with him and his Administration as we restore this great American company."
Japan's Nikkei hits record high on tariff relief, tech rally
The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief.
Bloomberg News reports:
Read more here.
The Nikkei 225 (^N225) hit a record high Tuesday as easing US tariff fears boosted optimism, led by tech stocks and tariff relief.
Bloomberg News reports:
Read more here.
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