S&P Hits Fresh Record Above 6,300

The S&P 500 rose Tuesday, propped up by a jump in Nvidia shares as fresh data reflected an uptick in inflation for June.

The Dow Jones Industrials slumped 120.96 points to kick off Tuesday at 44,338.69.

The much-broader index gained 15.69 points to 6,284.25.

The NASDAQ Composite perked 166.87 points to 20,807.19.

Lifting the broader market was a rise in Nvidia shares, which ticked more than 4.5% higher after the chip company said it hopes to “soon” resume deliveries of its H20 GPU sales to China.

Investors digested earnings releases from a handful of financial heavyweights. Wells Fargo beat earnings, but a reduction in net interest income guidance sent shares lower by more than 4%.

Shares of JPMorgan Chase edged lower even though the bank posted better-than-expected second-quarter results driven by strong trading and investment banking revenue. Citigroup shares gained about 1% after the bank topped second-quarter estimates.

The consumer price index in June increased 0.3% on the month, putting the annual inflation rate at 2.7%, matching a consensus poll from Dow Jones. So-called core CPI, which excludes food and energy prices, grew 0.2% month over month, slightly less than expected. Year over year, it expanded by 2.9%, matching estimates.

Prices for the 10-year treasury were static, keeping yields at Monday’s 4.43%.

Oil prices lost 21 cents to $66.77 U.S. a barrel.

Gold prices lost $7.10 at $3,352.00 U.S. an ounce.