07:15 AM EDT, 07/15/2025 (MT Newswires) -- US equity futures were mostly pointing higher on Tuesday as traders await a key inflation report and the latest quarterly results from some of Wall Street's largest banks.

The S&P 500 rose 0.4% and the Nasdaq added 0.6% in premarket activity, while the Dow Jones Industrial Average ticked down 0.1%. The indexes finished the previous trading session in the green, with the Nasdaq reaching a new closing high.

The consumer price index report for June is scheduled for an 8:30 am ET release. Government data are expected to show that consumer inflation rose 0.3% sequentially and climbed 2.6% annually last month, according to a Bloomberg-compiled consensus. Investors will assess the report to gauge whether President Donald Trump's tariffs are having an impact on inflation.

Trump said Monday that the US will impose "very severe tariffs" on Russia in the absence of a deal in 50 days, according to The Wall Street Journal. The tariffs would be "at about 100%," Trump reportedly said.

In social media posts Saturday, Trump revealed plans to impose 30% tariffs on the European Union and Mexico, effective Aug. 1.

US Treasury yields were mixed in premarket action, with the two-year rate rising by 0.4 basis points to 3.9%, while the 10-year rate retreated 1.2 basis points to 4.42%.

Tuesday's economic calendar also has the Empire State manufacturing index for July. Federal Reserve Vice Chair for Supervision Michelle Bowman and Governor Michael Barr are slated to speak at 9:15 am and 12:45 pm, respectively.

Richmond Fed President Thomas Barkin, Boston Fed President Susan Collins and Dallas Fed President Lorie Logan are also expected to deliver remarks on Tuesday.

JPMorgan Chase ( JPM ) , Wells Fargo ( WFC ) , Citigroup ( C ) , Bank of New York Mellon (BK) and State Street (STT) are some of the banking heavyweights reporting their quarterly earnings before the bell, along with BlackRock ( BLK ) and Albertsons ( ACI ) . J.B. Hunt Transport Services (JBHT) and Omnicom (OMC) post results after the markets close.

Shares of Nvidia ( NVDA ) advanced 4.9% pre-bell after the tech giant said it is filing applications to resume sales of its H20 chips in China, following assurances from the US government that it will receive the relevant licenses. The US government had informed Nvidia ( NVDA ) in April that it required a new license to export H20 products to China.

"It's also a major bullish tailwind for the tech sector as the green light for Nvidia ( NVDA ) will propel Street estimates to go up meaningfully over the coming years with China back in the fold," Wedbush Securities said in a Tuesday client note.

Advanced Micro Devices ( AMD ) shares inclined 4.6% while Palantir Technologies ( PLTR ) slipped 0.3%. Trade Desk ( TTD ) climbed about 15% after it was announced that the ad-buying software maker will be joining the S&P 500 later this week.

West Texas Intermediate crude oil declined 0.5% to $66.62 a barrel before the opening bell. Gold moved up 0.4% to $3,373 per troy ounce, while bitcoin dropped 2.4% to $116,987.