JPMorgan reports a big earnings beat, CEO Jamie Dimon supports Fed Chairman Powell despite Trump attacks. Wells Fargo slashes profit outlook, solidifying its position as a banking laggard. Consumer Price Index for June rises 2.9% year over year, in line with forecasts.

Nvidia receives approval to ship H20 chips to China, benefiting manufacturing partner TSMC. TSMC expected to raise full-year revenue outlook due to strong AI chip demand. Bank of America fund manager survey shows increased tech sector allocation.

Apple stock underperforms compared to Google, Microsoft, Meta, and Nvidia. Concerns over China exposure and stalled AI efforts. Brian Sozzi of Yahoo Finance offers insights into market trends and news analysis. Stay updated with the latest stock market news and analysis. 1. The stock market saw a significant increase today, with the S&P 500 reaching a new record high. The Dow Jones Industrial Average also experienced a boost, climbing over 200 points.

2. A new study showed that 70% of Americans have started shopping online more frequently since the start of the pandemic. This shift to e-commerce has driven a surge in online sales, with retailers reporting a 40% increase in revenue.

3. The unemployment rate dropped to 5.9% last month, the lowest it has been since the pandemic began. This decrease was attributed to the addition of 850,000 jobs in June, surpassing economists’ expectations.

4. In international news, tensions are rising between China and the United States as the US announces plans for a new arms sale to Taiwan. China condemned the move, warning of potential consequences for the already strained relationship between the two countries.

Read more at Yahoo Finance: Why Jamie Dimon thinks asset prices are ‘elevated’: Opening Bid top takeaways