$1.5 billion acquisition of Herb Chambers auto group is complete
AGRICULTURE
Farm and fisherman bankruptcies hit five-year high amid low prices and high costs
After years of low crop prices and rising costs, America's small farmers are facing a crisis brought on by higher interest rates, Trump's trade war, and dramatically reduced demand from China. In the first half of the year, small-business bankruptcies filed by farmers and fisherman hit the highest number since 2020, which was the tail end of a similar cycle of low-prices. Farm debt is expected to hit $561.8 billion in this year, a record high, according to the US Department of Agriculture. 'We've had three years of tough sledding here where breakevens are at or below cost,' said Brett Bruggeman, the chief operating officer at Land O'Lakes Inc., one of the biggest farmer-owned cooperatives in the United States. Soybean, corn, and pork producers have been among the hardest hit farmers in recent years as China began buying more from competitors in Brazil and other parts of Latin America. Before President Trump's first term in office in 2017, US farmers dominated the Chinese import market, said Joseph A. Peiffer, with the Iowa-based law firm Ag & Business Legal Strategies. Today Brazil occupies that position, he said. 'Once you lose a customer it's awful hard to get them back,' he said. Firms that specialize in restructuring farm debt have seen an increase in business, lawyers said. Land O'Lakes said its members are seeing dwindling cash reserves and growing concerns about the 2026 crop year. More new growers have been applying to a Land O'Lakes program that helps finance crop inputs like seeds and nutrients. — BLOOMBERG NEWS
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Coca-Cola could turn to cane sugar. But can US growers meet demand?
After four decades drinking Coca-Cola sweetened with corn syrup, Americans are going to get the chance to buy the soda made from domestic cane sugar. But whether US farmers can meet that demand is unclear. Coca-Cola Co. said Tuesday it will launch the new Coke variety this fall, a week after President Trump said the company had agreed to start using the sweetener. The move is hardly an outlandish idea. In fact, Coke sold in other countries like Mexico is sweetened with cane sugar. And the company relied on cane sugar before switching to high fructose corn syrup around 1980. While the company will still be using corn syrup for original Coke, the addition of a domestic cane-based soda could help growers in Louisiana and Florida at a time when demand has been slow. However, a sustained bump in demand — especially if other companies follow Coca-Cola's lead — risks outstripping homegrown availability. US cane only makes up about 30 percent of overall domestic sugar supplies, according to the US Department of Agriculture. The rest comes from imports, which were about 2.2 million metric tons for the 2025-26 season, and American-grown sugar beets that perform better in colder climates. A sugar supply shortfall would likely mean more cane imports from Mexico and Brazil, exposing American companies and consumers to higher prices just as they are facing market upheaval from Trump's tariffs. Cane sugar is more expensive than high-fructose corn syrup. On top of that, long-standing import tariffs mean US raw cane sugar futures are already more than double what the rest of the world pays. That price gap widened to a record on Tuesday. — BLOOMBERG NEWS
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HOUSING MARKET
US home sales slow again as prices keep pushing record highs
Sales of previously owned US homes fell in June to a nine-month low as potential buyers continued to bristle at record prices and high borrowing costs. Contract closings decreased 2.7 percent in June to an annualized rate of 3.93 million, a report from the National Association of Realtors showed Wednesday. Economists surveyed by Bloomberg expected a 4 million sales rate. The median sales price increased 2 percent in June from a year ago to $435,300. Home prices continue to rise even after a recent pickup in inventory. 'Multiple years of undersupply are driving the record high home price. Home construction continues to lag population growth,' Lawrence Yun, NAR chief economist, said in a statement. 'High mortgage rates are causing home sales to remain stuck at cyclical lows.' Yun said on a call with reporters that it's typical to see high home prices this time of year because families want to move before the school year begins. The nation's home-resale market is likely to limp along for the foreseeable future as would-be buyers contend with mortgage rates hovering near 7 percent and prices that are up almost 50 percent from five years ago. While home listings have increased this year, many owners are hesitant to give up mortgages secured at much lower rates. — BLOOMBERG NEWS
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RIDE-HAILING
Uber to test program to match female riders and drivers
Uber Technologies Inc. is piloting a new ride type in the United States that will match female riders and drivers, expanding access to a safety feature it already offers in some international markets. The service will launch in Los Angeles, San Francisco, and Detroit over the next few weeks, the company said in a statement Wednesday. Riders will see a new on-demand ride option called 'Women Drivers' alongside the existing UberX, Comfort, UberXL, and Black offerings. Customers can reserve such a trip in advance, or set their preference in the app settings to increase the likelihood of being matched with a woman driver. Female drivers, who make up about 1 in 5 of Uber's US driver population, can similarly choose that preference in the settings of their driver app. Drivers' eligibility for the program will be based on the gender listed on their license. For riders, it will be determined by their first name or whether they specified their gender as female on their Uber profile. 'It's about giving women more choice, more control, and more comfort when they ride and drive,' said Camiel Irving, vice president of operations in the US and Canada. Cities that have a bigger population of women drivers will be the ones that get the feature sooner, she said, but added that the three options are designed to allow different ways of matching without compromising wait times and service availability. The company also sees the option as a way to attract more female drivers to the platform. — BLOOMBERG NEWS
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Amazon Q2 Preview: Can AWS and Ads Outrun Tariff Trouble?
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Trump tariffs live updates: US, China eye extension of trade truce as EU deal takes shape
The US and China concluded their latest round of tariff and trade talks in Sweden on Tuesday, with both sides touting progress. Treasury Secretary Scott Bessent said President Trump would make the final call on extending the trade truce between the world's two largest economies. This week's talks were the third round for the countries, which have slowly deescalated trade tensions since Trump imposed gargantuan tariffs in April, and China reciprocated. The countries suspended those tariffs for 90 days — a suspension that is set to end on Aug. 12. Bessent said another 90-day extension is possible. Meanwhile, the US and EU are racing to lock in the final details of their major new trade deal before President Trump's self-imposed Friday deadline to reach agreements with partners other than China. Critics say it's a rushed fix, with German Chancellor Friedrich Merz calling the outcome unsatisfying and France's Bayrou dubbing the EU's "submission" a "dark day." 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22 minutes ago
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Stock market today: Dow slides after CPI inflation accelerates, Nvidia's surge lifts Nasdaq to record
Stocks closed mixed Tuesday as a key consumer inflation print showed inflation accelerated in June, big banks kicked off earnings season, and Nvidia (NVDA) looked set to receive a green light for trade with China from the Trump administration. 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.
