The Nasdaq Composite posted its latest record finish on Tuesday, supported by a jump in shares of heavyweight Nvidia, but the other Wall Street benchmarks dropped as a key inflation report and a flurry of bank earnings failed to excite investors.

Market Snapshot

The Dow Jones Industrial Average fell 436.36 points, or 0.98%, to 44,023.29, the S&P 500 lost 24.8 points, or 0.4%, to 6,243.76 and the Nasdaq Composite rose 37.47 points, or 0.18%, to 20,677.80.

Market Movers

Nvidia rose 4% after the chip maker said it soon expects to resume selling its H20 AI chip in China. The leading maker of artificial-intelligence chips said Monday that the U.S. government had promised to approve its license applications to sell the chip again. The Trump administration in April effectively banned Nvidia from selling H20 chips to China by tightening chip export licensing requirements to the country.

Fellow chip maker Advanced Micro Devices was up 6.4%. A report said it received approval to sell its MI308 chips in China.

Alibaba rallied 8.1% on Tuesday. Nvidia's announcement boosted virtually all Chinese AI companies. Alibaba certainly fits that mold, with its Qwen open-source model being one of the best-performing models in China.

Tesla declined 1.9%. The Wall Street Journal reported that Troy Jones,Tesla’svice president of sales, service, and delivery in North America,had left the company, citing people familiar with the matter. News of the departure came less than a month after the exit of Omead Afshar, a top aide to CEO Elon Musk.

Trade Desk jumped 6.6% after the company, which provides a platform for advertising buyers, was added to the S&P 500 index. Trade Desk will replace Ansys, which is being purchased by Synopsys, according to S&P Dow Jones Indices.

Robinhood Markets and AppLovin, two companies that investors had hoped would be added to the benchmark index, fell 0.4% and 0.8%, respectively.

JPMorgan Chase reported second-quarter earningsof $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 has risen 19% this year, fell 0.7%.

Wells Fargo was down 5.5% after the San Francisco bank reported second-quarter earnings of $1.60 a share, topping estimates of $1.41. However, net interest income declined in the second quarter and the bank said it expects net interest income for 2025 to be roughly in line with 2024.

Citigroup rose 3.7%. Second-quarter profit at the New York bank jumped25% from the prior year, with higher fees from dealmaking and its trading business boosting earnings.

BlackRock, the world’s largest asset manager, reported second-quarter adjusted earnings of $12.05 a share, topping analysts’ estimates of $10.78. BlackRock’s assets under management climbed 18% to $12.5 trillion, a record high. Shares tumbled 5.9%, though, as revenue in the second quarter missed estimates.

MP Materials jumped 20% to $58.22, falling just short of its 2022 closing record, after Apple said it would buy $500 million worth of rare-earth magnets from the company.

CoreWeave rose 6.2% after the AI cloud company said it would spend up to $6 billion to equip a new AI data center in Lancaster, Pa. The initial 100-megawatt data center has the potential to expand to 300 megawatts.

Gold miner Newmont declined 5.7% following the resignation of Chief Financial Officer Karyn Ovelmen. The company didn’t share the reason for Ovelmen’s departure but said it wasn’t due to disagreements over operations, financial reporting, or accounting.

National Fuel Gas rose 5.7% to $88.82 after being double-upgraded to Buy from Underperform at Bank of America Securities. Analysts with the firm boosted their price target to $107 from $85 as they cited improving productivity in one of the company’s production regions.

Market News

Trump Says Drug Tariffs Probable by Aug. 1, Downplays More Deals

“Probably at the end of the month, and we’re going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we’re going to make it a very high tariff,” Trump told reporters Tuesday as he returned to Washington after attending an artificial intelligence summit in Pittsburgh.

Donald Trump said that he was likely to impose tariffs on pharmaceuticals as soon as the end of the month and that levies on semiconductors could come soon as well, suggesting that those import taxes could hit alongside broad “reciprocal” rates set for implementation on Aug. 1.