S&P Futures Nudge Higher, Led by Nvidia

S&P 500 futures were higher Tuesday thanks to an advance in Nvidia shares as investors weighed the latest big bank earnings and awaited a key inflation reading.

Futures for the Dow Jones Industrials gave back 72 points, or 0.2%, to 44,620.

Futures for the S&P 500 index nosed higher 18 points, or 0.3%, to 6,329.

Futures for the NASDAQ hiked 112.5 points to 23,148.

Nvidia shares ticked more than 4% 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.

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.

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.

Big banks posted results on Tuesday morning. Wells Fargo posted an earnings beat, but a net interest income guidance reduction sent shares lower by 2%. Shares of JPMorgan Chase dipped about 0.3%, even though the bank posted better-than-expected second-quarter results driven by strong trading and investment banking revenue.

In Japan, the Nikkei 225 index gained 0.6% Tuesday, while in Hong Kong, the Hang Seng hiked 1.6%

Oil prices backed off a penny to $66.97 U.S. a barrel.

Gold prices eked higher 40 cents to $3,359.50 U.S. an ounce.

S&P Futures Nudge Higher, Led by Nvidia