The Nasdaq and the S&P 500 were poised for a higher open on Tuesday after fresh inflation data, while banking heavyweights kicked off the second-quarter earnings season.

A Labor Department report showed U.S. consumer prices rose as expected on a monthly basis in June. Annually, the prices rose 2.7%, compared with an estimated 2.6% rise.

The core figure, which excludes volatile food and energy components, rose 0.2% on a monthly basis and 2.9% from a year earlier, but the gains were below estimates.

"There's little evidence that some of the tariff inflation is beginning to creep in," said Peter Cardillo, chief market economist at Spartan Capital Securities.

"So, (the) bottom line (is), the tariff inflationary aspect still needs to be monitored."

The odds of a July rate cut have almost become nil, while markets are still pricing in a roughly 60% chance of a move in September, according to CME FedWatch.

At 8:42 a.m. ET, S&P 500 E-minis were up 23.75 points, or 0.38%, while the Dow E-minis were down 29 points, or 0.06%.

Nasdaq 100 futures also rose 0.61%, powered by a jump in Nvidia (NVDA.O),  after the chip designer announced plans to restart sales of its H20 AI chip to China. The company's shares were up 5% in premarket trading.

The news also lifted other chipmakers, with Advanced Micro Devices (AMD.O),  rising 5.3%, while Marvell Technology and U.S.-listed shares of TSM rose 2.1% each.

Wall Street kick-started another earnings season with major financial institutions reporting results. JPMorgan Chase's (JPM.N),  shares slipped 0.3%, even as the company lifted its net interest income forecast for 2025.

Wells Fargo's (WFC.N),  profit rose in the second quarter as it set aside less money to shield for potential bad loans. However, its shares fell 3.6%.

Meanwhile, BlackRock's (BLK.N),  assets under management touched a new high, hitting $12.53 trillion in the second quarter on prospects of trade deals and interest-rate cuts in the United States. Its shares were down 2.8%.

Citigroup's (C.N),  profit jumped in the second quarter as its traders brought in a windfall from turbulent markets. The lender's shares rose 1%.

Despite President Donald Trump's renewed tariff threats - this time aimed at Russia - markets largely brushed off the rhetoric, focusing instead on a breakthrough from negotiations with U.S. trade partners.

Hopes were buoyed after Trump signaled willingness to talk, following his weekend warning of 30% tariffs on the European Union and Mexico from August 1.

On Monday, all three indexes closed higher, with the Nasdaq (.IXIC),  finishing at a record high.

Later in the day, at least four Fed officials, including Board Governor Michael Barr, are scheduled to speak, potentially offering fresh clues on the central bank's next steps.

Among other movers, Trade Desk (TTD.O),  surged 12.7% after the software firm was set to join the benchmark S&P 500 index (.SPX), .