NEW YORK: Wall Street stocks mostly rose early Tuesday as markets digested a mixed US inflation report while Nvidia jumped after receiving US approval to resume chip sales to China.
The US consumer price index was up 2.7 percent from a year ago in June, rising from 2.4 percent in May as energy costs rose.
The inflation report “was better than feared from a headline standpoint, but it was not good enough to put to rest the fear that tariffs will drive higher, and stickier, inflation,” said Briefing.com analyst Patrick O’Hare.
About 25 minutes into trading, the Dow Jones Industrial Average was down 0.2 percent at 44,369.77.
Wall Street largely flat as tariff fatigue persists
The broad-based S&P 500 gained 0.2 percent to 6,283.88, while the tech-rich Nasdaq Composite Index jumped 0.7 percent to 20,780.30, adding to its record from Monday.
The inflation reading comes as Federal Reserve Chairman Jerome Powell has continued to advocate a wait-and-see approach to monetary policy in light of President Donald Trump’s aggressive trade policy featuring a heavy use of tariffs.
Among individual companies, Nvidia jumped 3.7 percent as it announced it will resume sales of its H20 artificial intelligence chips to China, after Washington pledged to remove licensing curbs that had put a stop to exports.
Markets also digested better than expected earnings reports from JPMorgan Chase, Citigroup and Wells Fargo. However, Wells Fargo fell 4.2 percent after lowering its forecast for net interest income, a closely watched benchmark.
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