Wall Street's Wild Ride: Nvidia Sparks Surge, Inflation Data Fuels Fire

Listen up, crypto fans! U.S. stocks are popping off as the risk-on vibe hits a new high, thanks to some seriously juicy Nvidia news. The Nasdaq is straight-up crushing it today!

Yeah, we've still got those pesky tariffs and trade war headaches, but investors are feeling the buzz. The major U.S. indices kicked off Tuesday with a bang, but the Dow Jones took a nosedive, down 0.3%. Meanwhile, the S&P 500 eked out a 0.21% gain, and the Nasdaq? It's soaring with a 0.65% jump!

Tech stocks are leading the charge, and it's all because of Nvidia. NVDA shares skyrocketed 5% before the market even opened, as the chip giant dropped a bombshell about resuming AI chip sales in China. This is huge, people!

U.S. Inflation Data: The Numbers That Shook the Market

But wait, there's more! The stock market's also getting a boost from the latest inflation data. The U.S. Consumer Price Index shot up 0.3% month over month in June and 2.7% year over year. That's a big jump from the 0.1% increase we saw in May!

The Bureau of Labor Statistics dropped some serious stats, showing consumer prices blasting past the 2.4% we saw in May and the 2.6% that economists were expecting. Core prices climbed 0.2% in June, higher than the 0.1% in May. But hold up, the core CPI in June was actually lower than the 0.1% we saw in May. It's a wild ride, folks!

Mohamed El-Erian, the big shot from Queens' College, Cambridge, chimed in, saying, "Both stock and bond markets are loving the June U.S. CPI data, which is either spot-on or a bit softer than what everyone thought."

He didn't stop there, adding on X, "These numbers are gonna crank up the heat on the Federal Reserve to slash rates ASAP, but don't expect most Fed officials to budge. They've got their own game plan for restarting the rate-cutting party, and it's not like the ECB or the Bank of England, who've already hit pause this year."

And if that's not enough, big banks are dropping their Q2 earnings like it's hot. JPMorgan, Citigroup, and Wells Fargo are all in the mix. JPMorgan's Q2 results? Better than expected, baby! Their revenue shot up 8% to $2.5 billion quarter over quarter.

But the party's just getting started. Keep your eyes peeled for earnings from Goldman Sachs, Johnson & Johnson, United Airlines, Netflix, and Morgan Stanley. Bank of America's also in the spotlight. It's gonna be a wild ride, so buckle up, crypto crew!