U.S. stock futures edged higher today following the release of June's Consumer Price Index (CPI) data, which showed no major surprises, providing a sense of relief to investors amidst ongoing economic and geopolitical uncertainties. Major financial institutions and technology firms also offered insights into their performance and future strategies.
Economic Indicators and Market Performance
June's CPI report indicated a 0.3% month-over-month rise in overall prices, aligning with expectations, while core CPI, excluding volatile food and energy components, came in slightly softer at 0.2% month-over-month. This data contributed to U.S. stock futures ticking up, with S&P 500 and Nasdaq futures seeing gains of approximately 0.4-0.7%, while Dow futures remained largely flat. The CPI figures present a "choose-your-own narrative" quality, as the core prices' 0.23% rise is precisely the median monthly increase over the past year.
Citi's (C) Chief Financial Officer, Mark Mason, anticipates a slowdown in U.S. consumer spending as the effects of tariffs begin to materialize, despite households demonstrating resilience supported by solid wage growth. Mason expects softer economic activity in the second half of 2025, though he noted that the risk of a recession has decreased. He also remarked that inflation has shown limited impact from tariffs thus far.
In Canada, existing home sales in June saw a monthly increase of 2.8%, though this was below the estimated 4.0% and the previous month's 3.6%.
Corporate Insights and Analyst Upgrades
JPMorgan Chase (JPM) CEO Jamie Dimon indicated that the bank might increase its share repurchase programs. Dimon also stated that JPMorgan would be involved in stablecoins and "JPM Deposit Coins".
In the technology sector, U.S. research roundups highlighted positive revisions for major players. Oppenheimer raised its price target for Nvidia (NVDA) from $175 to $200, signaling renewed confidence in the company's growth momentum. Melius Research went further, boosting its target for Nvidia (NVDA) to $235. For MicroStrategy (MSTR), TD Cowen raised its price target from $590 to $680, maintaining a "Buy" rating. The firm noted that MicroStrategy is the world's largest corporate holder of Bitcoin and offers unique bitcoin-backed securities for institutional investors, projecting Bitcoin could reach $155,000 by December in an upside scenario.
White House and Geopolitical Developments
The White House issued clarifications regarding President Trump's recent comments to Ukraine's President Zelenskiy. The White House stated that the Financial Times misinterpreted Trump's remarks, clarifying that he was "merely asking" a question. Specifically, the White House clarified that Trump did not urge strikes on Moscow in his conversation with Zelenskiy. Reports indicated that Trump had asked Zelenskiy if Ukraine could strike Moscow and St. Petersburg if provided with long-range U.S. weapons, with Zelenskiy reportedly responding that such an attack would be possible with the necessary U.S. weaponry. Trump reportedly encouraged this strategy to "make them feel the pain" and compel Russia to negotiate.
President Trump is scheduled to outline his administration's Artificial Intelligence (AI) priorities in a speech on July 23, asserting the U.S. edge in the field. Officials are also preparing to release an AI action plan this month. However, a key warning from Jonathan Hall KC, a UK Terrorism Legislation Adviser, described AI as a "coming wave" that could significantly amplify terrorist propaganda and support attack planning.
On the international trade front, China has pledged deeper support for Russia in response to President Trump's threats of imposing 100% tariffs on Moscow's trading partners unless Russia halts its war in Ukraine within 50 days. China condemned these threats as "illegal, unilateral sanctions" and "coercion," emphasizing that there are no winners in a tariff war.
The European Council has sanctioned eight Iranian individuals and one Iranian entity over serious human rights violations and transnational repression.
Central Bank Commentary and Other News
Federal Reserve Vice Chair for Supervision Michelle Bowman commented that more work needs to be done on financial inclusion. In her opening remarks to a financial inclusion conference, Bowman did not comment on monetary policy or the economy.
Chile stated that the copper price is largely supported by fundamentals. Florida’s House Republicans convened this morning at the Capitol Hill Club, with Rep. Richard Hudson (R-NC) expected to rally GOP members behind efforts to promote the reconciliation package and spotlight Q2 fundraising totals.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.