Inflation data and earnings from major banks are in the spotlight Tuesday, offering investors dual snapshots of how the economy is bearing up.

June’s consumer-price index showed annual inflation accelerating to 2.7%, in line with forecasts and unlikely to sway the Federal Reserve from holding off on cutting rates, despite frequent criticism from President Trump for not doing so.

Treasury Secretary Scott Bessent said Tuesday the formal process to choose a new Fed chair is starting. He suggested that when current Chair Jerome Powell leaves the post, he should also step down from the Fed’s board.

“It’s President Trump’s decision and it’ll move at his speed,” Bessent said in a TV interview.

The S&P 500 and Nasdaq Composite both hit new intraday highs in morning trade, boosted by a rally in chip stocks. That came after semiconductor maker Nvidia said it had received assurance from the White House it can sell H20 chips in China again.

The Dow industrials fell, while the S&P and Nasdaq rose.

Nvidia stock rose around 5%. Other chip stocks also rose, as did Hong Kong tech shares.

Treasury yields edged lower. The 10-year yield settled Monday around 4.43%.

Bitcoin prices dropped, after hitting an all-time high Monday above $123,000. The House of Representatives is due to consider three bills on cryptocurrency policy this week.

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