US inflation rose in June as Trump’s tariffs hiked prices
US inflation rose again in June as President Donald Trump’s tariffs began to raise consumer prices.
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U.S. stock futures are rising near record highs ahead of inflation data this week.
The consumer price index is expected to rise this July. A Reuters poll is projected to be 2.8% per year, up from 2.7% in June. Investors are looking to see if President Donald Trump’s tariffs on imports are being converted to higher prices. The June CPI report suggests that tariffs are increasing prices for some products.
At 6am on ET, futures tied to the Blue Chip Dow rose 0.22%, while the Broad S&P 500 futures added 0.10%, while the high-tech Nasdaq futures rose 0.05%.
The US government cuts
According to the Financial Times, semiconductor giants Nvidia and AMD will give the US government 15% of revenue from certain chips sold in China. In return, the company has obtained an export license to sell NVIDIA H20 and AMD MI308 chips in China, according to FT. Such a transaction will be unprecedented.
Separately, Nvidia has rebutted allegations from Chinese state media that the H20 artificial intelligence chip is a national security risk for China.
Oil price dip
Oil prices fell last week as investors awaited a meeting between Russian President Vladimir Putin and President Trump. The two presidents discuss what is needed to stop the Ukraine-Russian war.
The meeting raises expectations for the end of diplomacy to war. Once the war ends, if sanctions on Russian oil are lifted, oil supply could increase in global markets.
Cryptocurrency
Last week, El Salvador passed a law that would allow financial institutions with capital of more than $50 million to become investment banks, apply for crypto-related services and provide crypto-related services to investors with liquid assets of more than $250,000.
Medora Lee is a money, market and personal finance reporter for USA Today. You can contact her at mjlee@usatoday.com and subscribe to our free daily money newsletter for personal finance tips and business news every Monday to Friday morning.
