Nasdaq, S&P 500 Futures Climb On Hopes Of Nvidia China Curbs Easing — June CPI, JPMorgan & Citi Earnings In Focus

U.S. stock futures traded mixed early Tuesday after the major averages defied the tariff uncertainty and closed in the green in the previous session.

The tariff headwinds continue unabated as the European Union said it is readying a list of U.S. exports that would be brought into the tariff net, if a trade deal proves elusive by the Aug. 1 deadline. Among the other measures under consideration by the 27-nation bloc are tariffs on service imports and anti-coercion instruments.

Traders may also remain apprehensive ahead of Monday’s June consumer price inflation (CPI) report. 

Nvidia Corp.’s (NVDA) announcement about the resumption of H20 artificial intelligence (AI) chip sales to China could be a ray of hope for the market, especially as the second-quarter reporting season gets underway.

As of 12:08 a.m. ET on Tuesday, the Nasdaq 100 and S&P 500 futures rose 0.11% and 0.27%, respectively. However, the Dow and the Russell 2000 futures slide 0.07% and 0.17%.

Stocks ignored early weakness seen on Monday before moving into positive territory as traders dogmatically held onto their conviction that the uncertainty around President Donald Trump’s ‘Liberation Day’ would resolve soon.

The tech-focused Nasdaq Composite Index closed at a fresh high, marking its seventh record for the year.

The SPDR S&P 500 ETF (SPY) and the Invesco QQQ Trust (QQQ), exchange-traded funds (ETFs) that track the S&P 500 Index and the Nasdaq 100 Index, rose 0.19% and 0.36%, respectively. 

The SPDR Dow Jones Industrial Average ETF Trust (DIA) gained 0.23% and the iShares Russell 2000 ETF (IWM) outperformed with a 0.67% advance.

Commenting on the market shaking off tariff news yet again, fund manager Louis Navellier said, “We're in good shape going into the earnings season.”

The CPI print, the results of the New York Federal Reserve’s manufacturing survey, which gives the first glimpse into the manufacturing conditions for the month, and a spate of Fed speeches are the Main Street catalysts traders will look forward to on Tuesday.

The headline inflation numbers are expected to tick up across the board, reflecting the impact of Trump tariffs. 

The New York regional manufacturing survey will likely show a contraction (-9) for August, although a more modest one, from July’s -16.

Among the central bank speakers on tap are Fed Governors Michelle Bowman and Michael Barr, Boston Fed President Susan Collins, and Dallas Fed President Lorie Logan.

JPMorgan (JPM), Citigroup (C), Wells Fargo (WFC), Bank of New York Mellon (BNY), Blackrock (BLK) and J.B. Hunt Transportation (JBHT) are the notable names reporting their quarterly results.

WisdomTree Senior Economist Jeremy Siegel said the earnings season will showcase how firms were navigating the bite of tariffs. “The most important insight from these earnings reports won’t be the backward-looking Q2 numbers, but rather the forward guidance firm’s issue for the third quarter,” he said.

The economist flagged a looming real risk. “Rising tariffs will continue to sap purchasing power just as economic momentum is already slowing,” he said, adding that “While I don’t see a recession looming, growth is undeniably weaker than what we saw through much of 2024.”

Crude oil futures extended their slide early Tuesday following their nearly 2.50% plunge in the previous session. Monday’s slide came despite Trump threatening Russia with secondary tariffs if it doesn’t agree to a ceasefire in 50 days.

Gold futures resumed their climb, rising modestly past the $3,360 mark. 

The 10-year U.S. Treasury yield continued to climb ahead of the U.S. inflation data, and in overnight trading it traded at 4.435%. On the other hand, the U.S. dollar edged lower after climbing to a 3-week high on Monday.

Asian stocks were mostly higher, although caution prevailed ahead of U.S. inflation data.

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