U.S. stock futures were mostly rising early Tuesday after Nvidia said it would restart some chip sales to China, as investors look ahead to a raft of bank earnings and key inflation data on a busy day for markets.
Futures on the Dow Jones Industrial Average slipped 51 points, or 0.1%, while S&P 500 futures rose 0.3% and Nasdaq 100 futures jumped 0.6%. All three major indexes closed with modest gains Monday despite renewed tariff threats from President Donald Trump.
Trump suggested he would impose 100% tariffs on goods from Russia if a peace deal with Ukraine isn’t reached in 50 days. That came after letters to the European Union and Mexico revealing 30% levies.
But it was another trade development that caught the eye.
Nvidia said Monday that the U.S. government assured the company it will allow its H20 AI chip to be sold in China. Sales of the chips to China were effectively banned in April when the Trump administration tightened chip export licensing requirements.
Trade, and tariffs, could yet play an even greater part Tuesday particularly when it comes to the consumer price index reading for June. “We’ll mostly be focusing on signs of tariff-related inflation in core goods categories,” Deutsche Bank strategist Jim Reid said.
That’s not all. Earnings from some of the biggest U.S. banks will be closely watched by markets–JPMorgan, Wells Fargo, BlackRock and Citigroup are among those scheduled to report before the open.