
US Stock futures dipped Tuesday evening as investors awaited bank earnings and inflation data. Dow Jones Futures fell 0.2%, while S&P 500 futures and Nasdaq 100 futures both dropped 0.3%.
During regular trading, the S&P 500 fell 0.4% and the Dow shed over 400 points. The Nasdaq Composite actually rose 0.2% to a record close, boosted by Nvidia’s 4% gain after news about resuming AI chip sales to China.
June’s CPI report pressured markets, showing 0.3% monthly growth and 2.7% annual inflation, matching expectations. The data raised concerns about Trump’s tariffs affecting the economy, especially after his weekend announcement of 30% tariffs on Mexico and EU imports starting August 1.
Today, investors await the June PPI report, with expectations of 0.2% monthly reading.President Donald Trump announced Tuesday that House Republicans who previously blocked cryptocurrency regulation bills have reversed course after a White House meeting and will now support the legislation.
This marks a swift reversal for the Trump-backed legislation, which earlier failed a procedural vote with 196 in favor and 223 against. Thirteen Republicans had joined Democrats to block the bills from advancing. Crypto stocks declined after the initial vote failed. Circle dropped 7%, and Coinbase fell 4%
Asia-Pacific markets mixed as Trump announces preliminary Indonesia trade deal with 19% tariff provision. Indonesia’s central bank decision expected later today.
And in the Forex market, the US dollar index jumped 0.50% to $98.63 following higher-than-expected CPI numbers in the US. EURUSD dropped 0.50% falling below 1.1600 psychological level in yesterday’s trading. USDCHF jumped 0.46% reaching a high of 0.8025.
Gold continues to fluctuate with no clear direction., trading between $3,275 and $3,375 during the past week. Silver prices retreated yesterday as the metal dropped to $37.70 by end of trading day.
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