Futures Up Slightly as CPI and Bank Earnings Take the Spotlight
U.S. stock futures edged mostly higher early Tuesday, as traders await key inflation data and a fresh wave of earnings from major banks. As of 03:35 ET:
- Dow Futures: Flat
- S&P 500 Futures: +16 pts (+0.3%)
- Nasdaq 100 Futures: +99 pts (+0.4%)
Markets firmed up Monday, with AI-related headlines and easing tariff concerns lifting sentiment. META CEO Mark Zuckerberg made waves after pledging to spend “hundreds of billions” on AI computing. Bloomberg also reported that President Trump is preparing a $70 billion investment plan targeting AI and energy, giving tech a fresh tailwind.
💼 Bank Earnings Incoming: A Read on the Economy
All eyes are now on Q2 earnings, with traders watching how companies are managing in a backdrop of rising trade tensions and evolving inflation. The spotlight this morning is on:
- JPMorgan (JPM)
- Citigroup (C)
- Wells Fargo (WFC)
- BlackRock (BLK)
These reports mark the unofficial start to earnings season, and with trading activity solid and investment banking showing signs of life, analysts expect better-than-expected results. Most major banks are forecasted to post low-to-mid single-digit gains in net interest income (NII)—a key indicator of bank health.
Initial reports from Delta (DAL) and Levi Strauss (LEVI) have also been encouraging. However, warnings from several European chemical companies have added a dose of caution. Expect earnings volatility to heat up quickly.
📊 CPI in Focus: Inflation Test Ahead
Today’s Consumer Price Index (CPI) reading could set the tone for the rest of the week.
- Headline CPI YoY: Expected at 2.6% (up from 2.4%)
- Core CPI YoY: Forecasted at 3.0%
- Month-over-Month CPI: Seen at 0.3%, vs. 0.1% prior
Markets are watching how Trump’s escalating tariffs may impact inflation and whether supply chain front-loading earlier this year distorts the data. Trump’s August 1 tariff deadline remains in focus—especially with uncertainty around its enforcement.
🌍 China Grows Despite Tariffs
China posted stronger-than-expected GDP growth of 5.2% YoY for Q2, keeping its full-year target of 5% within reach. Despite tariff pressure, Chinese exports surged in May and June, thanks to a temporary de-escalation in U.S.-China tensions.
Still, domestic demand remains weak, and real estate pressures may force Beijing to roll out more stimulus.
💻 Nvidia Resumes H20 Sales in China
Nvidia (NVDA) announced it will resume sales of its H20 AI chips in China, after U.S. officials confirmed licensing approval. NVDA also introduced a new GPU aimed at smart factories in the region.
- NVDA shares jumped +3.6% in after-hours trading
- Washington has also lifted export restrictions for firms like Synopsys (SNPS)
This is big for tech and signals improving U.S.-China cooperation in critical sectors.
🧠 Tech Holding Strong
The $QQQ closed at 556.21 (+0.36%), less than two points from its all-time high (557.63). Bulls remain in control, with support zones at:
- 550 (minor)
- 540 (major breakout retest)
As long as 540 holds, we expect momentum names and AI plays to remain strong. Today’s CPI print could act as a catalyst for the next leg.
💰 Crypto & Commodities
- Bitcoin (BTC): ~$117,000
- Gold (XAU): ~$3,370/oz
Both are holding strong in response to macro uncertainty and policy tension.
📆 Today’s Economic Calendar
🇺🇸 OPEC Monthly Report – 7:00 AM ET
🇺🇸 CPI & Core CPI (Jun) – 8:30 AM ET
🇺🇸 NY Empire State Mfg. Index (Jul) – 8:30 AM ET
🇺🇸 FOMC Member Bowman Speaks – 9:15 AM ET
🇺🇸 Fed Vice Chair Barr Speaks – 12:45 PM ET
🇺🇸 API Crude Oil Stock – 4:30 PM ET
🧠 OP Trade Notes:
✅ Congrats to everyone in chat who nailed Monday’s plays—our systems continue to print!
💥 Our INTC entry is looking good so far—watch for volume continuation and support retests.
📌 Expect short-term momentum swings around CPI at 8:30AM—stay nimble and trade the levels, not the noise.
Stay focused, trade smart, and we’ll see you in chat.
— Team OptionsPlayers
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