Jake Novak's Morning Business Briefing 7/15

STOCKS/ECONOMY

-Stock futures are higher after Monday's 88-point rise for the Dow, smaller 0.1 percent gain for the S&P 500, and a 0.3 percent advance for the Nasdaq. Investors are reacting mostly bullishly to the latest inflation data, and they're also watching key earnings reports, and developments in the chip sector.

-The June Consumer Price Index came in showing a 2.7 percent annual inflation rate. That was opposed to a 2.6 percent rate that economists were expecting. The monthly rate moved 0.3 percent, as expected. The core inflation rate, stripping out food and energy, rose by 0.2 percent in June when 0.3 percent was expected.

-The yield on the 10-year Treasury bond is down to 4.41 percent.

-Gold is at the $3,354 per ounce level. Bitcoin is at the $117,300 level.

-Asian markets closed higher today, led by a 1.6 percent rally for the Hang Seng. The Nikkei gained 0.6 percent and the Shenzhen also rose 0.6 percent.

OIL/ENERGY

-U.S. crude prices are down to the $65 a barrel level.

-Gasoline prices are holding at $3.15 a gallon, national average.

CHIPS AHOY!

-Nvidia (NVDA) says it will resume sales of some key computer chips to China, thanks to approvals from the Trump administration. Nvidia shares are up 4 percent in the premarket.

EARNINGS SCORECARD

-JPMorgan Chase (JPM) reported better than expected quarterly profits and revenues, but its shares are still down 1 percent in the premarket.

-Citigroup (C) reported better than expected quarterly profits and revenues. Its shares are flat in the premarket.

-Wells Fargo (WFC) reported better than expected quarterly profits and revenues, but also cut its full-year guidance for net interest income. Its shares are down 3 percent in the premarket.

-BlackRock (BLK) reported a weaker than expected rise in net income, but also announced that it now has a record $12.5 trillion in assets under management. Its shares are down 3 percent in the premarket.

AI MANIA

-Google says it's going to invest $25 billion in the coming years on AI infrastructure and data centers along the power grods of 13 states across the mid-Atlantic and parts of the Midwest and South. Google parent Alphabet (GOOGL) shares are up slightly in the premarket.