US market today: Nvidia boost lifts Nasdaq while inflation, bank earnings drag Dow Jones index

US stock markets opened mixed on Tuesday as a rally in technology shares led by Nvidia offset concerns over inflation and weaker-than-expected bank profitability. The S&P 500 inched up 0.2%, hovering near its record high from last week, while the Dow Jones Industrial Average slipped 88 points, or 0.2%. The tech-heavy Nasdaq gained 0.6%.Nvidia shares surged 3.2% after the company received approval from the US government to sell its high-performance H20 AI chips to China, helping lift broader tech sentiment, AP reported.Banking stocks moved unevenly following second-quarter earnings. JPMorgan Chase edged 0.5% lower despite beating profit estimates, as a key profitability metric fell short of expectations. Citigroup, however, advanced 1.4% after reporting results that exceeded forecasts.Fresh inflation data released Tuesday added to market caution. The US Labor Department reported that consumer prices rose 2.7% in June from a year ago — the highest since February — compared to 2.4% in May. The report attributed the increase to rising prices of goods impacted by President Donald Trump’s latest tariffs, including furniture, clothing, and large appliances.European shares saw modest gains with Germany’s DAX rising 0.2% and France’s CAC 40 up slightly. In Asia, Hong Kong’s Hang Seng jumped 1.6%, while the Shanghai Composite slipped 0.4%.China’s economy grew 5.2% annually in the second quarter, slightly slower than the 5.4% pace in the first quarter, as Trump’s ongoing trade conflict weighed on sentiment. Analysts noted that while the latest US tariffs are scheduled to take effect from August 1, hopes for a negotiated resolution persist.Analysts warned that if all proposed US tariffs are implemented next month, it could raise recession risks, dent consumer demand, and worsen fiscal stress from tax cuts already adding to the deficit.