Morning Movers: Wells Fargo falls following second quarter results

Stock futures are modestly higher driven by Nvidia’s (NVDA) approval to resume shipments of its H20 AI chips to China, reigniting momentum in tech and chipmakers.

All eyes are fixed on the June CPI release, with the core CPI expected to tick up to 3%. That reading could heavily influence rate cut expectations for September.

Early results from big bank earnings show resilience in net interest income, though investors are cautious amid mixed growth forecasts.

Despite ongoing tariff threats, Trump increased proposed duties on Europe, Canada, Mexico and added other industries, markets are largely shrugging them off. Strategists note diminished volatility and stronger-than-expected earnings as offsetting these pressures

Globally, European equities are slightly higher, boosted by optimism around trade talk progress and China’s surprisingly strong 5.2% Q2 GDP growth.

Oil prices have pulled back modestly, while Bitcoin slipped below $120k after recent highs

In pre-market trading, S&P 500 futures fell 0.57%, Nasdaq futures fell 0.51% and Dow futures fell 0.65%

Check out this morning’s top movers from around Wall Street, compiled by The Fly. Also, subscribe to the daily Fly By on YouTube if you want to know how the markets will open, which stocks will be moving and why.

UP AFTER EARNINGS –

• AngioDynamics (ANGO) up 11%
• TRX Gold (TRX) up 3%
• Lithia & Driveway (LAD) up 3%
• Citi (C) up 3%
• Unity Bancorp (UNTY) up 1%

DOWN AFTER EARNINGS –

• Wells Fargo (WFC) down 4%
• BlackRock (BLK) down 2%
• State Street (STT) down 5%
• Ericsson (ERIC) down 2%
• JPMorgan (JPM) down 1%
• BNY Mellon (BK) down 1%
• Albertsons (ACI) down 3%