S&P and Nasdaq Futures Slightly Extend Gains After CPI

S&P 500 and Nasdaq 100 futures extended gains slightly on Tuesday, rising 0.4% and 0.7% respectively, while Dow Jones futures were little changed, as the latest CPI report reinforced bets that the Fed has room to cut interest rates this year.

Headline inflation rose in line with forecasts on both an annual and monthly basis.

However, core inflation came in softer than expected for both measures, suggesting that underlying price pressures, particularly those related to recently imposed tariffs, remain contained for now.

Meanwhile, Nvidia shares jumped more than 4% in premarket trading after the company announced plans to resume sales of its top-selling H20 AI chip to China.

Also, the earnings season kicked off with shares of JPMorgan Chase falling nearly 0.8% after the bank reported a 17% decline in Q2 profit.

Wells Fargo shares also fell 3.7% after lowering its full-year net interest income guidance.

Citigroup on the other hand, was up 1% after reporting an annual 8% rise in revenue.