U.S. stock futures are higher in the premarket amid a rally in Nvidia (NVDA) shares as investors parse through big bank earnings and a key inflation reading.

Nvidia shares are 4% higher in the premarket after the chip company said it will resume H20 AI chip sales to China “soon.”

“The U.S. government has assured NVIDIA that licenses will be granted, and NVIDIA hopes to start deliveries soon,” the company said in a statement Tuesday.

And JPMorgan Chase (JPM) shares are flat after beating earnings estimates and raising its net interest income guidance.

Aside from bank earnings, investor focus will be on CPI data which is expected to show a 0.3% monthly increase and a 2.6% headline reading, according to consensus estimates.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down 0.1% near $66.90 a barrel as the market digests U.S. President Donald Trump’s 50-day deadline for Russia to end the Ukraine war and avoid sanctions on buyers of its oil, while worries continued to linger over Trump’s trade tariffs.
• Gold (/GC) – Gold prices are up 0.2% near $3370 as concerns over the global trade war fueled demand for safe-haven assets, while investors await a key U.S. inflation reading.
• Bitcoin (/BTC) – The Crypto Future is down over 2% near 117K in the premarket. Bitcoin Futures hit a record above 123K yesterday but have pulled back sharply.
• VIX – The CBOE Volatility Index rose nearly 5% on Monday and settled at 17.20 despite a rise in stocks.
• U.S. Dollar (/DX) – The dollar is flat at 97.8.

Biggest Premarket Movers (Mark % Change as of 7 AM ET)

1. Advanced Micro Devices (AMD): +5.10%
2. Nvidia (NVDA): +4.68%
3. Super Micro Computer (SMCI): +4.06%

1. Wells Fargo (WFC): -2.10%
2. Coinbase (COIN): -1.53%
3. Enphase Energy (ENPH): -1.38%

Economic Data

• 8:30AM ET: CPI, Empire State Mfg. Index
• 9:15AM ET: Fed’s Bowman Speaks
• 12:45PM ET: Fed’s Barr Speaks
• 1:00PM ET: Fed’s Barkin Speaks
• 2:45PM ET: Fed’s Collins Speaks

Notable Earnings

• Premarket: ACI, BK, BLK, C, ERIC, JPM, STT, WFC
• Postmarket: HWC, JBHT, OMC
• Premarket Tomorrow: ASML, BAC, FHN, GS, JNJ, MTB, MS, PNC, PGR, PLD
• Postmarket Tomorrow: AIR, AA, KMI, SLG, UAL

Upgrades/Downgrades

• JPMorgan upgrades Otis Worldwide (OTIS) to Overweight from Neutral
• Roth Capital upgrades Zimmer Biomet (ZBH) to Buy from Neutral
• BofA double upgrades National Fuel (NFG) to Buy from Underperform
• Jefferies downgrades DoorDash (DASH) to Hold from Buy
• Evercore downgrades Southwest Airlines (LUV) to In Line from Outperform
• Morgan Stanley downgrades Freeport-McMoRan (FCX) to Equal Weight from Overweight

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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.