Stock Market Rises: TSMC, United Airlines, Sarepta, PepsiCo, GE Aerospace, MP Materials Lead Gains

Stock futures are mostly higher, with the Nasdaq Composite closing at a record high. TSMC, United Airlines, Sarepta, PepsiCo, GE Aerospace, MP Materials, and Archer Daniels are notable movers. President Trump denied plans to fire Federal Reserve Chairman Jerome Powell, leading to a volatile session.

Stock futures were mostly higher on Tuesday, with the Nasdaq Composite closing at a record high. The S&P 500 (^GSPC) fell 0.4%, reversing course throughout the day, while the Dow Jones Industrial Average (^DJI) lost 0.7%, or over 400 points. The tech-heavy Nasdaq Composite (^IXIC) climbed 0.2% to close at a fresh record, buoyed by AI chipmaker Nvidia (NVDA), whose gains helped the stock notch its own new record close. Nvidia hit a fresh record close after the company said that it's planning to resume sales of its AI chips to China — one of its most important markets — after receiving assurances from the US government that it will be granted approval [1].

The dramatic reversal in the Trump administration's earlier stance on export curbs, part of its trade standoff with Beijing, helped lift shares of chip stocks across the board. President Trump's trade policy also loomed over the June consumer inflation report, which showed the first real signs of tariff-driven price increases. The Consumer Price Index headline number rose 0.3% month over month and 2.7% year over year, both accelerations from May's data [1].

The 10-year Treasury yield (^TNX) climbed more than 6 basis points to nearly 4.5%, while the 30-year Treasury yield (^TYX) rose 5 basis points to more than 5% for the first time since May, as investors pared bets on Fed rate cuts both this month and September [1].

Meanwhile, big banks unofficially kicked off earnings season Tuesday morning. Shares of JPMorgan (JPM) and Wells Fargo (WFC) fell, while Citi (C) climbed after its results topped Wall Street's expectations [1].

In the backdrop, President Trump has spent the last several days threatening key trade partners, most notably Canada, the European Union, and Mexico, with high duties from Aug. 1 [1].

Australian shares are set to open lower amid renewed concerns about President Donald Trump’s trade wars and after June US consumer price data bolstered the Federal Reserve’s case to hold rates steady for now [2].

The tech-heavy Nasdaq Composite (^IXIC) climbed 0.7% to close at a fresh record, buoyed by AI chipmaker Nvidia (NVDA), whose gains helped the stock notch its own new record close. Nvidia hit a fresh record close after the company said that it's planning to resume sales of its AI chips to China — one of its most important markets — after receiving assurances from the US government that it will be granted approval [1].

References:
[1] https://finance.yahoo.com/news/live/stock-market-today-dow-slides-after-cpi-inflation-accelerates-nvidias-surge-lifts-nasdaq-to-record-200955051.html
[2] https://www.afr.com/markets/equity-markets/asx-to-fall-nvidia-lifts-nasdaq-20250716-p5mf8b