U.S. stock futures are mixed as investors digest earnings from some of the world's largest banks; the latest inflation report is expected to show price levels moved higher in June; Nvidia (NVDA) shares are surging after the AI chipmaker said the U.S. would allow sales of its H20 chip to China; and Bitcoin (BTCUSD) is lower after recently setting new record highs. Here's what investors need to know today.
1. U.S. Stock Futures Mixed as Investors Digest Bank Earnings, Await Inflation Data
Stock futures are mixed in premarket trading as investors digest big bank earnings and await key inflation data for June. Nasdaq futures are up 0.6% after the tech-heavy index set another record high Monday, while S&P 500 futures climb 0.4% after inching higher yesterday. Dow Jones Industrial Average futures are little changed and slightly lower after the blue-chip index posted modest gains yesterday. The 10-year Treasury note yield is little changed, while gold and oil futures are edging higher.
2. JPMorgan, Wells Fargo Kick Off Big Bank Earnings
JPMorgan Chase (JPM) posted better revenue than analysts expected for the second quarter, though its net interest income fell just short of estimates. The results kick off a string of reports from some of the nation’s largest financial institutions, with investors also watching for results from Wells Fargo (WFC), BlackRock (BLK), Citigroup (C), Bank of New York Mellon (BK) and State Street (STT).
3. CPI Expected to Show Inflation Rose in June
Inflation is expected to tick higher when the Consumer Price Index (CPI) report for June is released at 8:30 a.m. ET today. Economists are watching for a rise in prices as Trump’s tariffs take hold. Economists surveyed by Dow Jones Newswires and The Wall Street Journal expect the CPI report to show inflation rose 2.7% year-over-year in June, higher than the 2.4% rate from last month. On a monthly basis, the CPI report is expected to show prices rose by 0.3% from May. “Core” CPI, which excludes volatile prices for food and energy, is projected to have climbed 3% year-over-year, up from 2.8% in May.
Nvidia (NVDA) shares rose by more than 5% in premarket trading after the AI chipmaker said it received assurances from the U.S. government that it could resume selling its H20 chips in China. The development comes after CEO Jensen Huang this month with Trump in Washington, D.C. and traveled to China to meet with officials there. The AI chipmaker said in May that it took a $4.5 billion charge in the fiscal first quarter associated with export curbs on sales of its H20 products to China.
5. Bitcoin Falls After Hitting Record Highs
The price of Bitcoin (BTCUSD) dropped in premarket trading after the cryptocurrency hit several record highs over the past few days amid optimism surrounding the House of Representative’s “Crypto Week.” Bitcoin has been gaining as Strategy (MSTR) continues to add the cryptocurrency to its holdings, while flows into spot Bitcoin exchange-traded funds (ETFs) have also contributed to the rise. Bitcoin traded below $117,000 Tuesday, down from the high mark of more than $123,000. Strategy shares were lower by nearly 2% in early trading, while shares of Coinbase Global (COIN), Marathon Digital (MARA) and Riot Platforms (RIOT) also pointed lower.
