5 things to know before the stock market opens Tuesday

• June's consumer price index is due in at 8:30 a.m. ET.
• JPMorgan Chase beat Wall Street's expectations for the second quarter.
• Starbucks is forcing its corporate employees back into the office four days a week.

1. Inflation data

Stock futures were higher before the bell on Tuesday as investors braced for June's consumer price index, due in at 8:30 a.m. ET. Economists polled by Dow Jones expect the metric to show a 0.3% monthly increase and a 2.7% headline reading. The latest inflation report could be the first set of data to show the impact of President Donald Trump's broad tariffs. “June is the first reading [when] these tariffs are really going to start to bite in a very noticeable way,” said Chris Hodge, head U.S. economist at Natixis CIB Americas. All three major indexes closed modestly higher on Monday — a sign that traders are betting Trump's steep duties will be negotiated down. Follow live market updates.

2. Bank earnings

JPMorgan Chase beat Wall Street's expectations for the second quarter on Tuesday, reporting earnings of $5.24 a share and $45.68 billion in revenue during the period. That marks a 17% decrease in earnings from the same period a year ago, and a 10% decrease in revenue — though both comparisons are impacted by the bank's $7.9 billion gain on Visa shares last year. “The U.S. economy remained resilient in the quarter,” CEO Jamie Dimonsaid in the earnings release. “The finalization of tax reform and potential deregulation are positive for the economic outlook. However, significant risks persist – including from tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits and elevated asset prices.” Wells Fargo also reported second-quarter earnings before the bell on Tuesday. Goldman Sachs, Bank of America and Morgan Stanley are all set to report on Wednesday.

3. Feeling chipper

Shares of Nvidia were up more than 4% before the bell on Tuesday after the company said it plans to resume sales of its H20 chips to China. “The U.S. government has assured NVIDIA that licenses will be granted, and NVIDIA hopes to start deliveries soon,” the company said in a statement released late Monday. The U.S. government in April told Nvidia that it would need an export license to sell the graphics processing units to China, restricting the sale of the GPUs to a key market. CEO Jensen Huang has since lobbied strongly against the export controls. This week's potential shift in U.S. policy comes after Huang met with Trump at the White House on Thursday.

4. Building inspector

Amid accusations from the Trump administration of budget mismanagement, Federal Reserve Chair Jerome Powellrequested that the central bank's inspector general review its building renovation, according to a source familiar with the matter. Since returning to the White House, Trump has relentlessly pressured Powell to cut rates. But in recent days, the renovation project — which has increased in cost after being initially pegged at $2.5 billion — has become the focus of Trump officials' frustration with the Fed. Trump's budget chief, Russell Vought, vowed on Friday to investigate the renovation, saying the project “points to the fundamental mismanagement of the Fed” under Powell. The next day, National Economic Council Director Kevin Hassett told ABC News that Trump “certainly” has the authority to fire Powell, “if there's cause.” The Fed over the weekend responded to the accusations by updating the “Frequently Asked Questions” page on its website, defending the renovations and denying some of the specific allegations.

5. For here or to go?

Starbucks is forcing its corporate employees back into the office four days a week. The coffee chain's CEO, Brian Niccol, told employees on Monday that they will need to either work from the office one more day a week starting in October, or take a one-time payout offer. The RTO update is only the latest piece of Niccol's wide-ranging turnaround effort, which has so far focused on simplifying Starbucks' menu, cutting service times and improving the coffee shop experience. “We understand not everyone will agree with this approach,” Niccol wrote in the announcement. “We've listened and thought carefully. But as a company built on human connection, and given the scale of the turnaround ahead, we believe this is the right path for Starbucks.”

—