Stocks are sticking with their upward trajectory on Tuesday as inflation hasn’t been the wild card investors expected, and earnings look healthy so far.
The S&P 500 was up 0.2%, while the tech-heavy Nasdaq was up 0.7%. The Dow was down 0.3%.
The S&P 500, at the current level of 6,281.99, is on pace to close at a record level. Any daily percentage gain set by the Nasdaq will lead it to a new record at the close.
Providing some fuel to the uplift was June’s inflation data released Tuesday morning. At the core, removing the more volatile prices of food and energy, inflation has remained relatively subdued despite tariff threats.
Meanwhile, the report card for big banks in the second quarter is looking alright so far; JPMorgan reported better-than-expected quarterly earnings, so did Citigroup. Wells Fargo also beat estimates, but its stock is falling as the bank lowered its forecast for 2025 net interest income.
Tech stocks are leading the market, thanks in part to gains in Nvidia, which is up 4.3% this morning. The company, in a blog post Monday evening, said it expects to resume H20 chips designed for the Chinese market once again. Other U.S. chip stocks are also up.