US stock index futures showed divergent trends during Tuesday's pre-market session, with Dow futures retreating 0.15% while S&P 500 futures gained 0.31% and Nasdaq futures climbed 0.52%. European markets edged higher in tandem, with Germany's DAX rising 0.11%, Britain's FTSE 100 and France's CAC 40 both advancing 0.08%, while the Euro Stoxx 50 increased 0.27%. In commodities, WTI crude dipped 0.15% to $66.88 per barrel, contrasting with Brent crude's marginal 0.06% rise to $69.25.

Economists brace for potential validation of long-standing warnings as the imminent US June CPI report threatens to reveal tariff-fueled inflation acceleration. Forecasters project the Bureau of Labor Statistics' release will snap four consecutive months of underestimated inflation, anticipating price surges in tariff-sensitive categories like furniture, toys, and automobiles. This poses significant challenges for the Federal Reserve, which has maintained steady rates anticipating tariff-driven inflation that hasn't yet materialized.

OPEC's latest monthly report maintained its global oil demand growth projections at 1.29 million barrels per day for 2025 and 1.28 million for 2026. According to secondary sources, OPEC's June crude output increased by 220,000 barrels daily to 27.235 million. Separately, President Trump prepares to unveil a $70 billion investment initiative in artificial intelligence and energy infrastructure near Pittsburgh, focusing on expanded coal, natural gas, and nuclear power capacity alongside data center construction and workforce development programs.

Market participants appear dangerously complacent about inflation risks, with Citi data revealing traders pricing just 0.6% S&P 500 volatility around tonight's CPI release—significantly below the 0.9% annual average. Morgan Stanley strategists note large-caps remain attractive despite tariff announcements, citing limited S&P 500 import exposure, expectations of negotiated tariff reductions, and consumer stocks' prior substantial declines.

Corporate highlights include Ericsson (ERIC.US) swinging to a Q2 profit with SEK 7 billion operating income, powered by 10% Americas sales growth. Citigroup (C.US) posted five-year trading highs with fixed income revenue surging 20% to $4.3 billion. BlackRock (BLK.US) reached a record $12.5 trillion in assets under management, with ETFs attracting $85 billion. JPMorgan (JPM.US) unexpectedly grew investment banking revenue by 7% while raising full-year net interest income guidance to $95.5 billion. Wells Fargo (WFC.US) reduced full-year NII growth projections but announced dividend increases and a $40 billion buyback program following Fed restrictions removal. AMD (AMD.US) confirmed plans to resume MI308 chip exports to China after US review, while Apple's (AAPL.US) reported $500 million investment in MP Materials (MP.US) sent the latter's shares soaring over 13% pre-market.

Key economic events include US June CPI and New York Fed manufacturing data at 20:30 Beijing Time, followed by Fed speeches throughout the evening and President Trump's AI investment announcement. Wednesday's pre-market earnings feature ASML (ASML.US), Morgan Stanley (MS.US), Goldman Sachs (GS.US), Johnson & Johnson (JNJ.US), and Bank of America (BAC.US).