US stocks drift as Nvidia leads gains for tech

NEW YORK AP U S stocks are drifting following certain mixed information on inflation and profits at certain of the biggest U S banks The S P was up in early trading Tuesday close to the all-time high set on Thursday The Dow Jones Industrial Average was down points or and the Nasdaq composite was up Nvidia helped lead tech stocks higher after the chip giant won approval from the U S goverment to sell its advanced H computer chips used for artificial intelligence to China Nvidia rose Shares of major U S banks were mixed after several of them disclosed their latest quarterly earnings reports JPMorgan Chase slipped despite beating analysts profit forecasts A closely watched measure of profitability rose less than expected Citigroup rose after reporting profits that beat forecasts The Labor Department published that inflation rose last month to its highest level since February as President Donald Trump s sweeping tariffs push up the cost of a range of goods including furniture clothing and large appliances Prices paid by U S consumers rose in June from a year earlier up from an annual increase of in May European markets were slightly higher Germany s DAX was up and France s CAC was up less than Hong Kong s Hang Seng rose The Shanghai Composite dipped after the Chinese administration released that China s financial system slowed in the last quarter as Trump s pact war escalated Tuesday s details exhibited the business sector expanded at a robust annual pace compared with annual development in January-March Despite worries about the damage Trump s tariffs may have on the region s exporters speculation continues that he may ultimately back down on them They don t take effect until Aug which leaves time for more negotiations If Trump were to enact all his proposed tariffs on Aug they would raise the menace of a recession That would not only hurt American consumers but also raise the pressure on the U S executive s debt level relative to the business activity s size particularly after Washington approved big tax cuts that will add to the deficit Source