Tech led US stocks on Tuesday as a key consumer inflation print showed inflation accelerated in June, big banks kicked off earnings season, and Nvidia was set to receive a green light for trade with China from the Trump administration.

Nvidia stock jumped Tuesday after the AI chipmaker said it was applying to resume sales of its H20 GPUs to China.

The Dow Jones index wavered Tuesday after the CPI inflation report. Nvidia stock surged on AI chip sales to China.

Currently, Nvidia accounts for nearly 8 percent of the S&P 500. That’s the highest weighting for a single stock in 45 years, according to Todd Sohn, senior ETF strategist at Strategas Securities. For context, industrials account for 8.7 percent of the index, while healthcare stands at 9.1 percent.

For strategists at JPMorgan Chase & Co. and Goldman Sachs Group Inc. as well as money managers in Hong Kong and Singapore, an opaque term has suddenly emerged as the catchphrase for deciphering Chinese policy intentions and navigating the stock market.

US Stock market today climbed as Nvidia stock surged on hopes of renewed AI chip sales to China, with support from President Trumps trade policy shift. The S&P 500 gained 0.4% and the Nasdaq rose 0.8%,

Gift Nifty was trading around 25,148 level, a discount of nearly 25.5 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.