Open: Stocks edge higher as traders weigh CPI slowdown, bank earnings

US-Iran tensions and the release of inflation data shaped early trading as major stock indexes rose on Tuesday. By 14:45 BST, the Dow Jones gained 0.09% to 52,545.67, the S&P 500 advanced 0.26% to 7,534.53, and the Nasdaq Composite climbed 0.53% to 26,011.00. Oil spiked after Donald Trump said he was reinstating a blockade of Iranian shipping through the Strait of Hormuz, sending energy prices higher. Traders weighed June CPI details: the index reading eased to 333.95 from 335.12 in May, with annual inflation at 3.5% versus forecasts of 3.8%. Energy inflation cooled to 15.7% from 23.5%, while core inflation fell to 2.6% from 2.9%. Bank earnings also supported sentiment: Bank of America revenue rose 15% to about $31.7bn and JPMorgan’s equities revenue jumped 86% to $6bn; Wells Fargo and Goldman Sachs also beat expectations.