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Stock market today: S&P 500, Nasdaq climb on Nvidia boost, with CPI inflation, bank earnings in focus
- US-based rare earth materials miner MP Materials Corp. (MP) saw its stock soar more than 22% Tuesday after announcing a deal with Apple (AAPL).
- Apple on Tuesday said that it had committed to a $500 million multiyear deal with MP Materials to buy its rare earth magnets for the tech giant’s products.
- The iPhone maker said the deal was part of its effort to build out its US supply chain. Apple has committed to spending over $500 billion in the US to help expand its domestic manufacturing capacity.
- “Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States,” Apple CEO Tim Cook said Tuesday.
- Apple has come under pressure from President Trump, who has threatened the company with 25% tariffs on its overseas-made iPhones.
- Apple stock rose fractionally on Tuesday morning.
- Tech led stocks higher on Tuesday as chip stocks rose across the board following news that AI chipmaker Nvidia (NVDA) and its rival AMD (AMD) were on track to resume sales of their chips to China.
- The Nasdaq Composite (^IXIC) jumped 0.7%, while the S&P 500 (^GSPC) rose 0.3%. The Dow Jones Industrial Average (^DJI) fell 0.3%, as a key consumer inflation report showed prices accelerated in June.
- Meanwhile, big banks’ earnings season kicked off with mixed results from JPMorgan (JPM), Citi C) and Wells Fargo (WFC). Shares of Citi rose after better-than-expected earnings, while Wells Fargo fell as the bank cut its full year forecast for net interest income, a key profitability metric.
- JPMorgan’s dealmaking boost in the quarter demonstrated how Wall Street recovered from Trump’s most sweeping tariffs in real time but wasn’t enough to push the stock higher, with shares falling 1% early Tuesday.
- The latest data from the Bureau of Labor Statistics showed that consumer prices increased 2.7% over the prior year in June, an acceleration from May’s 2.4% and above economists’ forecast for 2.6%.
- On a month-over-month basis, prices increased 0.3%, in line with economists’ expectations. Prices increased 0.1% on a monthly basis in May by comparison.
- On a “core” basis, which strips out the more volatile costs of food and gas, prices in June climbed 0.2% over the prior month, ahead of May’s 0.1% rise but below consensus projections for a 0.3% increase. Over the last year, core prices rose 2.9%, in line with expectations and above the 2.8% seen the month prior.
- Read more here.
- JPMorgan Chase’s (JPM) second quarter results came in better than expected on Tuesday, though shares in the bank were lower by less than 1% in premarket trading.
- Yahoo Finance’s David Hollerith reports:
- Read more here.
- BlackRock’s (BLK) assets under management surged to top $12 trillion in the second quarter, the first money manager to pass that milestone.
- Adjusted quarterly profit came in at $1.88 billion, or $12.05 per share, up from $1.55 billion, or $10.36 per share, a year earlier. That compares with an average estimate for $10.78 a share, per a FactSet survey of analysts.
- Shares in BlackRock slipped 1% in premarket trading as investors parsed its results.
- Reuters reports:
- Read more here.
- Nvidia (NVDA) stock is popping in premarket trade after the AI chipmaker got a breakthrough in its China sales logjam.
- Shares are up 5% after Nvidia said it had secured Trump administration approval to restart deliveries of its China-tailored AI chip.
- Bloomberg reports:
- Read more here.
- Gold (GC=F) prices rebounded from a mild dip Monday as global tariff talks have failed to offer investors a sense of security, bolstering the value of the haven asset.
- Bloomberg reports:
- Bullion rose as much as 0.5% after dropping by a similar amount in the previous session. President Donald Trump said he was open to more talks with major economies including the European Union. But that appeared to be at odds with his insistence that letters to governments setting tariff rates are “the deals” for trade partners.
- The precious metal has surged by more than a quarter this year, hitting a record above $3,500 an ounce in April, as the US’s aggressive and erratic trade policy enhanced its appeal as a store of value in uncertain times. However, the rally has stalled over the last three months as investors wait for more clarity on the eventual contours of the new trade system, and on signs they’re hesitant to buy gold at such elevated levels.
- “If trade talks deteriorate before August, we could easily see bullion retest or even breach its former highs,” said Fawad Razaqzada, a market analyst at City Index. “For now, the market seems firmly in wait-and-see mode, keeping the gold forecast leaning cautiously bullish.”
- Read more here.
- Nvidia (NVDA) is moving to reestablish its foothold in the Chinese market, announcing late Monday night that it plans to restart sales of its H20 AI chips in the region. The company has also unveiled a new GPU model specifically engineered to align with US export regulations.
- In a company blog post, Nvidia said it is currently seeking approval from US authorities to resume shipments of the H20, with licensing expected “soon.” Once cleared, deliveries could begin in short order.
- To further strengthen its China strategy, Nvidia announced a “new, fully compliant NVIDIA RTX PRO GPU” that “is ideal for digital twin AI for smart factories and logistics.”
- CEO Jensen Huang recently met with both US and Chinese officials, including former President Donald Trump, in efforts to foster international cooperation on AI and reinforce Nvidia’s role in open-source AI research.
- As of Monday’s close, Nvidia shares were down 0.5% at $164.07. However, the stock saw a rebound in after-hours trading, gaining 4.2% to $170.78.
