Key stock indexes ended the day sharply mixed Tuesday amid a trade deal with Indonesia. The Dow Jones Industrial Average's tumble contrasted with substantial Nasdaq gains on the stock market today. Meanwhile, the House moved to strike a measure concerning three cryptocurrency bills.
The Dow fell 1% while the S&P 500 finished 0.4% lower. Among the 11 sectors in the S&P 500, technology gained while others lagged.
Despite negative action on the other indexes, the Nasdaq headed higher and scored another record close, gaining 0.2%.
Volume was higher on the Nasdaq and the New York Stock Exchange compared with the same time on Monday. Advancers lagged decliners by 4-to-1 on the NYSE and 5-to-2 on the Nasdaq.
The small-cap Russell 2000 fell 2%. In the bond market, the yield on the benchmark 10-year Treasury note gained to 4.49%. Crude oil fell slightly and traded around $66.65 a barrel.
House Balks At Crypto Measure
House voters did not pass a key procedural measure that would enable them to debate and vote on three cryptocurrency bills, according to reports.
The bills include the Genius Act, which seeks to regulate stablecoins. There's also the Digital Asset Market Clarity Act, which would oversee the larger cryptocurrency market. Finally, the Anti-CBDC Surveillance State Act which would pre-empt a digital currency issued by the Federal Reserve, also didn't pass. CBDC stands for central bank digital currency.
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3;23 p.m. ET
This Grocer May Be A Tariff Indicator
Meanwhile, earnings from a retailer provided some clues on the impact of tariffs on prices. Albertsons reported first-quarter results on Tuesday. Sales grew 3% to $24.9 billion while earnings of 55 cents per share declined 17% from the prior year. Shares fell below the 50-day moving average in heavy volume and triggered a sell signal.
Albertsons Chief Executive Susan Morris reportedly said the company is beginning to see an increase in costs moving ahead but will seek ways of not passing on those costs to the consumer.
2:37 p.m. ET
Trump Announces Indonesia Trade Deal
On Tuesday, President Donald Trump announced that he had concluded a trade deal with Indonesia. Indonesia will pay 19% in tariffs for goods entering the U.S. while U.S. goods will enter Indonesia without tariffs.
Indonesia was among the countries that received a tariff letter earlier in July. The deal rescinds a 32% tariff on Indonesian goods that was set to go into effect on Aug. 1.
1:59 p.m. ET
American Express Falls, AMD Surges
American Express sold off on Tuesday, falling nearly 3%. Shares fell back into a buy zone from a 303.62 buy point and tested their 21-day moving average. American Express is an IBD Leaderboard holding.
A few health care stocks also underperformed. Merck fell more than 2% while UnitedHealth also declined. Johnson & Johnson fell as it headed into earnings on Wednesday.
Advanced Micro Devices led the Nasdaq with a 6% gain while Regeneron Pharmaceuticals fell nearly 4%.
1 p.m. ET
Bessent: Powell Should Step Down
On Tuesday, Treasury Secretary Scott Bessent suggested that Federal Reserve Chairman Jerome Powell should step down from the Fed board when his term as chair is up in May next year. There is "a formal process that's already starting" to find Powell's replacement, Bessent told Bloomberg Television on Tuesday.
Meanwhile, JPMorgan Chase Chief Executive Jamie Dimon said on the company's earnings call that maintaining the Fed's independence is "incredibly important."
Also, Bill Adams, chief economist for Comerica Bank, said that following the most recent inflation data, the Fed may feel it can wait to see how tariffs affect the economy before changing rates.
Bessent also told Bloomberg Tuesday that market participants need not worry about the Aug. 12 deadline when the 90-day tariff pause between the U.S. and China is set to end. Bessent said that trade negotiations are going well.
"We're in a very good place," he said.
12:10 p.m. ET
Stock Market Today: Tuesday's Breakouts
In stocks, four Magnificent Seven stocks rose in the Dow. Nvidia soared more than 4% and Amazon moved past a buy zone from a buy point of 214.84. Microsoft gained nearly 1%.
Apple picked up 1% following reports the tech behemoth plans to invest $500 million in rare earths minerals producer MP Materials. MP Materials soared 26%.
Tuesday's breakouts included The Bancorp. Shares cleared a buy point of 65.84 from a cup base. The blue dot on its chart shows the relative strength line is at a new high.
China logistics software provider Full Truck Alliance teased a buy point of 12.96 from a cup-with-handle base while Cal-Maine Foods tested a buy point of 104.49, also in a cup-with-handle base.
CoreWeave Jumps On Data Center Plans
Shares of CoreWeave rocketed more than 8% amid news that it would invest up to $6 billion in equipping a data center in Lancaster, Pa.
Other artificial intelligence plays also jumped on Tuesday. Advanced Micro Devices soared more than 5% while Broadcom gained more than 2%.
Taiwan Semiconductor jumped 3% and will report its earnings on Thursday.
Tesla fell about 1% but remained in a consolidation base that has a buy point of 367.71. China registrations for the week ended July 13 totaled 12,300, a 145% increase from the prior week. Tesla will report its second-quarter results on July 23. Shares are facing resistance at the 50-day moving average.
10:23 a.m. ET
Stock Market Today: Bank Earnings
JPMorgan Chase reported $4.96 in earnings per share during the second quarter, well ahead of views for $4.48. Shares dipped 0.8%, however. Revenue of $44.9 billion edged past estimates of $43.8 billion. Net income of $15 billion was lower than the prior year when the Dow Jones component reported $18 billion in profits.
Wells Fargo sold off on its results, even though the bank reported earnings of $1.60 a share, ahead of estimates for $1.41 per share. Sales of $20.8 billion came in slightly ahead of analyst forecasts for $20.7 billion. Shares tumbled by 5%
Citigroup reported total revenue of $22 billion and earnings per share of $1.96, both ahead of estimates for $21 billion in sales and $1.61 in per-share earnings. Citigroup stock rose nearly 1%, extending Monday's gains.
9:44 a.m. ET
Treasurys, Oil Dip
The 10-year Treasury yield dipped to 4.4% Monday morning. Oil prices fell with West Texas Intermediate futures selling around $66.60 a barrel.
Among exchange traded funds, the Invesco QQQ Trust rose 0.6%. The SPDR S&P 500 ETF was up 0.4% after the market open.
8:58 a.m. ET
Stock Market Today: JPMorgan Leads Earnings Movers
Key earnings movers Tuesday included JPMorgan Chase, BlackRock, Citigroup and Wells Fargo.
JPMorgan stock declined 0.5% in morning trading, while BlackRock tumbled 2%. Citigroup shares moved up 1%, as Wells Fargo stock sold off more than 3% in premarket action.
8:39 a.m. ET
CPI Inflation Data Close To Views
Early Tuesday, the Labor Department said that the CPI rose 0.3% in June, meeting forecasts, with an annual increase of 2.7%, just above the 2.6% Econoday estimate. Meanwhile, the core CPI price index climbed 0.2%, cooler than the 0.3% estimate, with a year-over-year increase of 2.9%, matching targets.
8:09 a.m. ET
Nvidia Stock Surges
AI chip giant Nvidia rallied nearly 5% in premarket action Monday, on pace to hit another record high. Fellow chipmakers Advanced Micro Devices and Taiwan Semiconductor rallied nearly 5% and more than 2%, respectively.
Late Monday, Nvidia said it should soon resuming selling its H20 artificial intelligence chip to Chinese customers, after the U.S. government told the company it would grant licenses.
The H20 graphics processing unit was designed specifically to comply with U.S. government restrictions on exports of advanced chips to China. But the Trump administration halted those sales in April.
Nvidia is filing applications to sell the H20 GPU again. "The U.S. government has assured Nvidia that licenses will be granted, and Nvidia hopes to start deliveries soon," the company said in a press release.
Stock Market Today: Inflation Data
Early Tuesday, the June Consumer Price Index inflation report is due out at 8:30 a.m. ET. Economists expect headline inflation to rise 0.3% on the month, with an annual increase of 2.6%. They see core CPI, excluding food and energy, climbing 0.3% in June, with a year-over-year increase of 2.9%, according to estimates from Econoday.
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