Market Highlights – July 15, 2025 1. Inflation & Fed Watch – June’s Consumer Price Index came in at +2.7% year-over-year, slightly above May’s 2.4%, with core CPI around 3.0% This cooling inflation keeps the Fed on hold, though rate-cut expectations later this year are weakening. 2. Big Bank Earnings – JPMorgan topped revenue forecasts, even as net interest income lagged. Wells Fargo and Citigroup earnings are still pending 3. Tech & Nvidia Surge – Nasdaq futures are +0.6%, with Nvidia shares up ~4–5% after receiving U.S. approval to resume selling its H20 AI chips to China - That momentum is pushing the Nasdaq higher today. 4. S&P 500 Approaching Records – The S&P 500 is up ~0.2–0.4%, trending near record levels alongside the Nasdaq 5. Bitcoin Pullback – Bitcoin cooled after hitting ~$123K, dipping back below ~$117K, following bullish ETF flows and institutional demand Stocks: Tech leadership—especially from Nvidia—is offsetting banking sector uncertainty. Bonds & Fed: Inflation data supports the Fed staying on hold; markets anticipate cuts but are scaling back on expectations. Commodities & Crypto: Oil and gold are modestly higher. Bitcoin retraced after recent all-time highs. What to Watch Next Corporate earnings from Wells Fargo, Citigroup, and others this week. Federal Reserve minutes and any commentary on rate paths. Geopolitical or tariff news, given inflation's sensitivity to trade policy.