Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., July 10, 2025.
Jeenah Moon | Reuters
S&P 500 futures were higher Tuesday thanks to an advance in Nvidia shares as investors await big bank earnings and a key inflation reading.
Futures tied to the benchmark index rose 0.4%, while Nasdaq 100 futures added 0.6%. Dow Jones Industrial Average futures were down 28 points, or 0.1%.
Nvidia shares ticked 5% higher in the premarket after the chip company said it will resume H20 AI chip sales to China “soon.” “The U.S. government has assured NVIDIA that licenses will be granted, and NVIDIA hopes to start deliveries soon,” the company said in a statement Tuesday.
Those moves come as big banks get set to kick off the season, with JPMorgan Chase, Wells Fargo and Citigroup among the companies on Tuesday set to deliver quarterly reports.
Investors are hoping that a second-quarter earnings season that comes in better than expected will boost a stock market that’s at all-time highs. Expectations are low heading into the season. The S&P 500 is projected to post a blended earnings growth rate of 4.3% on a year-over-year basis, according to FactSet data.
Investors are also keeping a close eye on the June consumer price index, due Tuesday morning, seeking clues on how the Trump administration’s tariffs have been affecting prices. The metric is expected to show a 0.3% monthly increase and a 2.7% headline reading, according to Dow Jones consensus estimates. Any upside surprise in last month’s numbers could spook a market that has yet to see any tariff impact on inflation.
Wall Street is coming off a positive session, with stocks eking out a gain Monday even after President Donald Trump threatened a 30% tariff on the European Union and Mexico starting Aug. 1. The Dow Jones Industrial Average rose 88 points, or 0.2%. The S&P 500 gained 0.1%, while the Nasdaq Composite climbed about 0.3%.
“You’re at the point where the president is talking again about higher tariff rates. That’s going to take the effective tariff rate up even higher than we currently anticipated to be,” Dan Greenhaus, chief strategist at Solus Alternative Asset Management, told CNBC’s “Closing Bell” on Monday. “So, my argument would be, while we determine exactly what that level is going to be, after a truly historic rally off the lows, some breather is in order.”
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