Key Takeaways
- NVIDIA (NVDA) CEO Jensen Huang stated that U.S. export licenses for its H20 chip have not yet been issued, despite earlier reports suggesting approval. This comes after the company previously faced a $4.5 billion charge due to excess H20 inventory and restrictions.
- President Trump is scheduled to meet with the Qatari prime minister today to discuss ongoing negotiations for a Gaza ceasefire deal and efforts to restart negotiations for a new U.S.-Iran nuclear agreement.
- India's financial markets are showing slight weakness, with the 10-year benchmark government bond yield rising to 6.38% from its previous close of 6.37%, and the Indian Rupee opening at 85.97 against the dollar, compared to its previous close of 85.81.
- The U.S. Producer Price Index (PPI) for June is a key economic data release today at 8:30 AM ET, with both headline and core figures expected to show a +0.2% month-over-month increase.
The financial world is closely watching several key developments today, from tech export regulations to geopolitical diplomacy and emerging market movements.
NVIDIA's Export License Uncertainty
NVIDIA (NVDA) CEO Jensen Huang has clarified that the U.S. export licenses for the company's H20 chip have not yet been issued, despite recent reports indicating otherwise. This statement adds a layer of uncertainty to NVIDIA's strategy for the Chinese market. Earlier, some reports suggested that the U.S. government had granted export permits for the H20 chips to China, with shipments expected to begin soon. The company previously incurred a $4.5 billion charge in the first quarter of fiscal 2026 due to excess H20 inventory and purchase obligations, as demand for the chip diminished following expanded U.S. export restrictions in April 2025. NVIDIA is currently in the process of filing the necessary applications with the U.S. government, aiming to resume deliveries to customers promptly.
Trump's Diplomatic Engagements
President Trump is set to engage in high-level diplomatic discussions today, with a scheduled meeting with the Qatari prime minister. A primary focus of this meeting will be the ongoing negotiations for a Gaza ceasefire deal. Additionally, the leaders are expected to address efforts to restart negotiations between the U.S. and Iran, aimed at reaching a new nuclear agreement. Qatar has played a significant mediating role in previous ceasefire efforts between Israel and Iran.
India's Market Performance
In India, financial indicators are showing minor shifts. The 10-year benchmark government bond yield has edged up to 6.38%, a slight increase from its previous close of 6.37%. Concurrently, the Indian Rupee has weakened against the U.S. dollar, opening at 85.97 compared to yesterday's close of 85.81. This follows a period where the 10-year bond yield has generally remained soft, with expectations for it to trade within the 6.25-6.35% range in July.
U.S. Economic Data on Deck
Traders in the U.S. market are awaiting the release of the Producer Price Index (PPI) for June today at 8:30 AM ET. Both the headline and core PPI figures are anticipated to show a 0.2% month-over-month increase. This data is considered a potential market mover, offering insights into inflationary pressures at the producer level. In May, the PPI for final demand advanced by 0.1%, with final demand services also increasing by 0.1% and goods by 0.2%.
Global Trade Landscape
Meanwhile, a top Chinese trade official has reiterated a rejection of tariffs, stating that the world is undergoing significant transformations. This comes as the U.S. and China continue to navigate a complex trade relationship marked by various tariffs imposed by both sides.
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.