U.S. futures mixed on Tuesday as the second-quarter earnings season began and investors awaited upcoming inflation data that could influence the Federal Reserve's policy moves.

Market Snapshot

At 7:50 a.m. ET, Dow e-minis were down 46 points, or 0.10%, S&P 500 e-minis were up 21.25 points, or 0.34%, and Nasdaq 100 e-minis were up 126.5 points, or 0.55%.

Pre-Market Movers

Nvidia - Nvidia was rising 4.5% after the chip maker said it soon expects to again begin selling its H20 AI chip in China. Nvidia said Monday the U.S. government has assured the leading maker of artificial-intelligence chips that it will approve its license applications to sell the H20 to China. The Trump administration in Aprileffectively bannedNvidia from selling H20 chips to China by tightening chip export licensing requirements to the country.

AMD - AMD shares jumped 4.7%. AMD said that it plans to restart shipments of its MI308 chips to China after the US said it would approve the sales, following a similar decision on an Nvidia Corp. semiconductor.

Chip Stocks - Other chip stocks also followed Nvidia's rise. Wolfspeed rose 7%; Navitas Semiconductor and Super Micro Computer rose 4%; Marvell Technology, TSMC, Arm, ASML, and Micron rose 2%.

Nvidia-linked Stocks - Nvidia-linked stocks rallied in premarket trading on Tuesday. CoreWeave rose 6%; Innoviz Technologies rose 5%; Aurora Innovation rose 4%; Cerence rose 3%; Cyngn and SoundHound AI rose 2%.

Chinese ADRs - Chinese ADRs jumped in premarket trading on Tuesday after China’s second-quarter economic growth came in above expectations and Nvidia Corp. said it would restart some chip sales to China. Kingsoft Cloud rose 17%; GDS Holdings rose 14%; Alibaba rose 6%; Bilibili rose 5%; Baidu and JD.com rose 3%; XPeng, NetEase, and PDD Holdings rose 2%; NIO rose 1%.

Rare Earth Stocks - Rare earth stocks jumped again. MP Materials rose 8%; NioCorp Developments rose 6%, and USA Rare Earth rose 5%. Apple is expected to announce a $500 million commitment to MP Materials — the only rare earth mine currently operating in the United States, according to multiple sources familiar with the deal.

Trade Desk, AppLovin, Robinhood - Trade Desk soared 15% after the company, which provides a platform for advertising buyers, was added to the S&P 500 index. Prior to the opening of trading on Friday,Trade Deskwill replace Ansys, which is being purchased by Synopsys, according to S&P Dow Jones Indices.

Meanwhile, AppLovin shares fell 1.5% and Robinhood dropped 0.5% on the news. Both companies had been considered potential candidates for S&P 500 inclusion, with investors and analysts closely watching for possible index additions.

JPMorgan Chase - JPMorgan Chase reported second-quarter earnings of $4.96 a share, better than analysts’ estimates for profit of $4.48. Net income of $15 billion fell 17% from a year earlier. The stock, which coming into Tuesday has risen 20% this year, fell 0.4% in premarket trading.

Wells Fargo - Wells Fargo was down 2.1% after the San Francisco bank reported second-quarter earnings of $1.60 a share that topped estimates of $1.41. Wells Fargo shares have gained 19% in 2025.

BlackRock - BlackRock's assets under management hit a new high in the second quarter as global markets rallied on the prospect of trade deals and interest-rate cuts from the U.S. Federal Reserve, brushing aside earlier tariff-related jitters. Shares of the company fell 1.8% in premarket trading.

Market News

Nvidia to Resume H20 AI Chip Sales to China in US Reversal

Nvidia plans to resume sales of its H20 AI chip to China after securing Washington’s assurances that such shipments would get approved, a dramatic reversal from the Trump administration’s earlier stance.

US government officials told Nvidia they would green-light export licenses for the H20 artificial intelligence accelerator, the company said in a blog post. That China-specific variant was created to comply with earlier trade curbs, but has since April also been blocked from sale in the country without a US permit. Billionaire co-founder Jensen Huang appeared on Chinese state broadcaster CCTV shortly after Nvidia announced the decision, saying the company had secured approval to begin shipping.

The US move comes after weeks of thawing relations between Washington and Beijing, guided by an opaque truce that’s designed to see both sides approve exports of crucial technologies. The US wants China to allow more sales of essential rare-earth minerals, and in exchange is lifting a spate of recent export controls that were imposed in the lead-up to last month’s trade talks in London. Throughout those talks, President Donald Trump’s team insisted that controls on Nvidia’s H20 chips were not up for discussion.

Tesla to Sell Model Y Cars in India, Starting at $69,770

Tech billionaire Elon Musk's Tesla has priced its Model Y at about $69,770 in India, the highest among major markets, its website showed, as the electric carmaker geared up to open its first showroom in Mumbai on Tuesday.

With delivery estimated to start from the third quarter, Tesla will drive on to India's busy roads, targeting a niche premium EV segment that accounts for just 4% of overall sales in the world's third-largest car market.

It will compete mainly with German luxury giants such as BMW and Mercedes-Benz, rather than domestic mass-market EV players such as Tata Motors and Mahindra.

China's Q2 GDP Grows 5.2% Y/Y, Above Market Forecast

China's economy grew at a slightly faster pace than expected in the second quarter, showing resilience in the face of U.S. tariffs, though analysts warn of intensifying headwinds that will ramp up pressure on policymakers to roll out more stimulus.

Data on Tuesday showed China's gross domestic product (GDP) grew 5.2% in the April-June quarter from a year earlier, slowing from 5.4% in the first quarter, but just ahead of analysts' expectations in a Reuters poll for a rise of 5.1%.

"Retail sales and investment were lower than expected, but industrial output surprised positively, so policymakers will likely be happy with the overall outcome. Some investors might be disappointed that this doesn't signal the need for more immediate stimulus. U.S. tariffs remain a major headwind, but Chinese policymakers won't feel the need to offset this if economic growth remains strong."