Tech led US stocks on Tuesday as a key consumer inflation print showed inflation accelerated in June, big banks kicked off earnings season, and Nvidia was set to receive a green light for trade with China from the Trump administration.

U.S. stock indexes are ticking higher on Wednesday following a better-than-expected update on inflation across the country. The S&P 500 was up 0.2% in early trading and approaching its all-time high set last week.

A weaker U.S. dollar may fundamentally benefit some areas of the stock market, but “it could also potentially drive higher import costs, pressure consumers and flow through to inflation,” according to a note Thursday from Morgan Stanley Wealth Management.

Wall Street digested a surprisingly cool wholesale inflation reading and more big bank earnings, with one eye on Trump's latest tariff moves.

The Dow fell 436 points. Nvidia rallied on easing export restrictions.

Inflation is up, stocks are down, and more tariffs are on their way. Trump wants interest rates to come down but the direction of travel is making it less likely that the Fed will deliver the cuts he wants. It’s not clear whether Trump can extract himself from the policy cycle he has created.

PepsiCo jumped 6.6% after delivering revenue and profit that topped Wall Street’s expectations. The drink and snack giant stood by its financial forecasts given in April, which projected lower full-year profit than previous forecasts due to increased costs from tariffs and a pullback in consumer spending.

Value stocks will outperform growth stocks in coming months if inflation heats up.

In the latest economic update from Canada, the Core Inflation Rate for June was released, showing a month-over-month increase of 0.1%. This figure

Tech stocks were an outlier, though, and the Nasdaq composite rose 0.2% to set another record thanks to Nvidia, the market’s most influential stock.