U.S. stock futures are higher, near record highs, ahead of inflation data this week.
July’s consumer price index this week is expected to rise. A Reuters poll of economists forecasts the annual rate at 2.8%, up from June’s 2.7%. Investors will be watching to see if President Donald Trump’s tariffs on imports are translating into higher prices. The June CPI report suggested tariffs were boosting the prices of some goods.
At 6 a.m. ET, futures tied to the blue-chip Dow rose 0.22%, while broad S&P 500 futures added 0.10% and tech-laden Nasdaq futures gained 0.05%.
The U.S. government takes a cut
Semiconductor giants Nvidia and AMD will give the U.S. government 15% of their revenues from certain chips sold in China, the Financial Times reported. In return, the companies received export licenses to sell Nvidia’s H20 and AMD’s MI308 chips in China, according to the FT. Such a deal would be unprecedented.
Separately, Nvidia refuted allegations from Chinese state media that its H20 artificial intelligence chips are a national security risk for China.
Oil prices dip
Oil prices fell last week as investors awaited talks between Russian president Vladimir Putin and Trump. The two presidents will discuss what it will take to stop the Ukraine-Russia war.
The meeting raises expectations of a diplomatic end to the war. If the war ends, oil supply could increase on the world market as sanctions on Russian oil are lifted.
Cryptocurrency
El Salvador passed a law last week allowing financial institutions with over $50 million in capital to becom an investment bank and apply for crypto licenses and offer crypto-related services to investors with over $250,000 in liquid assets.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.
This article originally appeared on USA TODAY: US stock futures higher ahead of inflation data
