U.S. consumer prices likely picked up in June, potentially marking the start of a long-anticipated, tariff-induced increase in inflation that has left the Federal Reserve cautious about resuming its interest rate cuts.

A fresh batch of inflation risks were emerging in July as President Donald Trump escalated his trade war. Copper prices surged, tariff pressures bubbled up in earnings, and even a morning coffee could be getting more expensive.

JPMorgan, Wells Fargo lead the banks whose quarterly results may offer clues on how consumers and companies fared during a volatile period. The S&P 500 climbed 0.1%, and the Nasdaq composite rose 0.3% to a record.