Dow Jones - 44,023.29 (-0.98%) 

Nasdaq - 20,677.80 (+0.18%) 

S&P 500 - 6,243.76 (-0.40%) 

• Stocks were mixed. June's consumer inflation report showed an uptick in price growth, major banks launched the earnings season, and Nvidia (NVDA) appeared poised to gain approval from the Trump administration to resume trade with China.  The Dow Jones Industrial Average fell by 436 points, or 0.98%, while the S&P 500 slipped 0.4% after touching a new record high earlier in the day. In contrast, the Nasdaq edged up 0.18%.
• Nvidia pushed the NASDAQ. The NASDAQ's gains were buoyed by a 4% gain in Nvidia shares following the chipmaker’s announcement that it expects to “soon” resume H20 GPU deliveries to China.
• Inflation inflation inflation. June’s inflation report, released Tuesday, showed a monthly rise despite headline figures aligning with expectations. The consumer price index (CPI) increased 0.3% for the month, bringing the annual rate to 2.7%—in line with a Dow Jones consensus estimate. Core CPI, which strips out volatile food and energy costs, rose 0.2% month-over-month, slightly below forecasts, while the year-over-year rate hit 2.9%, matching projections.
• More tariffs! President Trump announced a 30% tariff on imports from the European Union and Mexico, set to take effect on August 1. The President’s team struck a trade deal with Indonesia on Tuesday that will see goods from the country face a 19% tariff.
• Gold headed lower but many say buy. Morgan Stanley, Goldman Sachs, and UBS are recommending to buy gold after Trump’s latest tariffs.
• Oil went lower. Oil prices dropped by less than 1% on Tuesday after U.S. President Donald Trump's 50-day deadline for Russia to end the war with Ukraine and avoid sanctions eased concerns about any immediate supply disruption.
• Bitcoin moves. The coin hit a new all-time high of over $123,000 but dipped as the June CPI report revealed sticky inflation. 
• Trumped-back crypto bills stumbled. A series of digital asset bills supported by former President Donald Trump failed to pass a critical procedural vote in the House of Representatives on Tuesday. The motion was defeated with a 196–223 vote, as 13 Republicans broke ranks to join Democrats in opposition.
• An AI announcement from Google. Google announced plans to invest $25 billion over the next two years in data center and AI infrastructure within the PJM electric grid region—the largest power grid in the U.S. The company will also allocate an additional $3 billion to upgrade two hydropower plants in Pennsylvania to help support the area’s growing electricity demand.
• iPhone maker Apple inked a big deal. Apple has struck a deal with Pentagon-backed MP Materials to secure a U.S.-based supply of rare earth magnets, becoming one of the first major tech firms to localize this part of its supply chain. MP’s shares surged 26% to a record high following the announcement, while Apple’s stock rose 1%.
• Q2 earnings season kicked off. The second quarter earnings season is gaining momentum as major U.S. banks, including JPMorgan (JPM), Wells Fargo (WFC), and Citigroup (C), began releasing their quarterly results on Tuesday, marking the unofficial start of the period.
• Blackrock hit a milestone. BlackRock (BLK) became the first money manager to surpass $12 trillion in assets under management (AUM), reaching $12.53 trillion in the second quarter, up from $10.65 trillion a year earlier.
• JPMorgan CEO Jamie Dimon noted rising investment banking momentum but warned of ongoing risks from tariffs, trade uncertainty, and geopolitical tensions. He warned that President Trump’s intensifying pressure on the Fed to cut rates and replace Chair Jerome Powell could have unintended consequences.
• Wells Fargo fell. This was despite the company beating EPS estimates ($1.60 vs. $1.41), disappointed by a 2% decline in net interest income and flat growth forecast. 
• Citigroup edged higher. With EPS of $1.96 the bank beat estimates, helped by an 8% revenue increase and strong equities trading, banking, and wealth management segments. 
• BlackRock slipped. The company had topped EPS forecasts, as revenue narrowly missed expectations even though assets under management hit a record high.
• MicroStrategy gained. The jump followed a bullish price target from TD Cowen citing its cost of capital advantage.
• Trade Desk (TTD) soared after being added to the S&P 500.
• Tesla officially launched in India. The automaker is betting on the country’s growth potential.
• Newmont shares fell. The world’s largest gold miner announced the unexpected resignation of CFO Karyn Ovelmen.
• Royal Caribbean pulled back slightly. This came after hitting an all-time high Monday, buoyed by strong results from Carnival (CCL), which also gained.
• Procter & Gamble slipped. Evercore ISI analysts downgraded shares to In Line from Outperform.
• Kraft Heinz inched up following a Wall Street Journal report that the company is considering a potential split, possibly spinning off part of its grocery business.
• Boeing had good news. An initial investigation into the June 12 crash of Air India Flight 171 did not point to mechanical failure.
• Best Buy dropped on a downgrade. Piper Sandler downgraded the stock to Neutral from Overweight, citing a lack of major catalysts and mounting competitive pressures.
• Autodesk (ADSK) surged. Bloomberg reported the company is no longer exploring a merger or acquisition deal with PTC (PTC), whose shares dropped 5% ahead of the open.
• Kenvue rose after announcing a leadership change. The company named a new CEO.
• An S&P 500 price lift. In a client note on Sunday, RBC Capital Markets raised its year-end S&P 500 forecast to 6,250, up from its previous target of 5,730. 

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“Consumer Prices LOW. Bring down the Fed Rate, NOW!!!” the President posted on Truth Social. He later added: “Fed should cut Rates by 3 Points. Very Low Inflation. One Trillion Dollars a year would be saved!!!”

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Notable Stocks

• Tesla (TSLA)
• Nvidia (NVDA)
• Apple (AAPL)
• MP Materials (MP)
• Newmont (NEM)

Weekly Notables

BlackRock CEO Larry Fink is a 'Huge Buyer' of Company Stock

BlackRock CEO Larry Fink told CNBC on Tuesday that he’s bullish on his company’s future—and its stock—even as shares fell more than 5% following a weaker-than-expected second-quarter revenue report.

“They think our expenses may be too high, and our expenses are all front loaded,” Fink said on Money Movers. “But I’m thrilled where we are. I’m thrilled about our position with our clients.” “Long term, I’m a huge buyer of BlackRock at these prices,” he added.

Trump-Backed Crypto Bills Stumble in House

A series of digital asset bills supported by former President Donald Trump failed to pass a critical procedural vote in the House of Representatives on Tuesday. The motion was defeated with a 196–223 vote, as 13 Republicans broke ranks to join Democrats in opposition. The setback came despite Trump’s public push for support earlier in the day. “The House will soon VOTE on a tremendous Bill to Make America the UNDISPUTED, NUMBER ONE LEADER in Digital Assets – Nobody does it better!” he posted on Truth Social.

Earnings Spotlight: PepsiCo (PEP)

Snack food and beverage giant PepsiCo is scheduled to announce its results for the second quarter of 2025 on Thursday, July 17.  Wall Street expects PepsiCo to report earnings per share (EPS) of $2.03, reflecting about an 11% year-over-year decline. PEP stock is down nearly 11% year-to-date.