Here are four things you need to know this morning

Taking it to the bank: U.S. stock futures pointed upward this morning, with the S&P 500 set to open in record territory, after giant banks posted earnings above expectations. JPMorgan’s second-quarter profit slipped from a year ago but earnings per share of US$4.96 topped estimates. Tariff headlines caused market gyrations during the quarter and the firm’s traders blew away expectations. It was a similar story at Citigroup, which recorded trading volumes. Overall profit rose 25 per cent from a year earlier.

Rate cut less likely: Canadian inflation accelerated for the first time in four months and underlying price pressures firmed, probably keeping the Bank of Canada’s from cutting interest rates this month. The consumer price index was up 1.9 per cent year-over-year in June, matching projections. The bank’s two preferred core inflation measures accelerated slightly, averaging 3.05 per cent, and above estimates.

U.S. inflation slows: However, underlying U.S. inflation rose in June by less than expected for a fifth month, as lower car prices helped offset price hikes in other goods exposed to tariffs. Categories that are more vulnerable to import levies, including toys, furniture, appliances and apparel, showed increases, suggesting companies are starting to pass higher import costs on to consumers.

Rare find: The buzz around MP materials, the U.S. rare earth player, keeps getting buzzier. Apple has struck a US$500 million deal to buy the minerals from MP, which just last week secured backing from the Pentagon as the U.S. tries to ensure supplies of critical materials. MP operates what is said to be the sole U.S. rare-earth mine at Mountain Pass in California and it’s developing a magnets factory.