Inflation cools, Nvidia rallies on China chip news, banks post gains

US inflation in June was just below expectations, with core CPI up 0.2% month-over-month and 2.9% year-over-year. Tariff impacts are starting to show in apparel and furniture prices, but overall inflation remains contained. Nvidia (NVDA) and AMD (AMD) surged after the US signaled they can resume some AI chip sales to China, boosting the Nasdaq. Big banks kicked off earnings season with strong results from JPMorgan (JPM), while Wells Fargo (WFC) and Citigroup (C) saw mixed results.

Takeaways:

• Core inflation rises less than expected; tariffs start to lift select prices

• Nvidia and AMD rally as US signals green light for China chip sales

• Big banks post strong earnings, but sector results are mixed

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