Stocks were mixed Tuesday morning as the earlier boost from Nvidia shares failed to hold as investors digested the first round of big bank earnings reports and the latest U.S. inflation reading.
The Dow Jones Industrial Average
Taking up much of the spotlight, consumer prices rose in June mostly in-line with economist consensus as President Donald Trump's tariff policies begin to show in the U.S. economy. The month's headline consumer price index reading rose 0.3% over May and 2.7% annually, the Bureau of Labor Statistics reported Tuesday, with the year-over-year clip representing the highest reading since February.
Core CPI, which excludes food and energy prices, rose 0.2% in June and 2.9% year-over-year, with the annual rate coming in-line with estimates.
Elsewhere, some of Wall Street's largest banks reported their second-quarter earnings results Tuesday morning. Shares of Citigroup
"The U.S. economy remained resilient in the quarter," JPM CEO Jamie Dimon said in a the release. "The finalization of tax reform and potential deregulation are positive for the economic outlook. However, significant risks persist -- including from tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits and elevated asset prices."
The second-quarter earnings season starts as Wall Street is already trading at record highs, even as the White House continues to issue new higher-than-expected tariff rates on key trading partners like Canada, Mexico, the European Union, Brazil, Japan and South Korea in recent days, effective Aug. 1. Another round of big banks earnings from Goldman Sachs
