Dow fell 313 points after new inflation data and mixed bank earnings confused Wall Street

The Dow Jones dropped 313 points, down 0.5%, as June’s Consumer Price Index rose 0.3% with core inflation at 2.9%. President Trump announced a new 30% tariff effective August 1, adding inflation fears.

Major banks reported mixed earnings, causing uncertainty among traders. While JPMorgan Chase beat expectations, its stock still fell. Conversely, Citigroup performed well with a slight increase, but generally, earnings did not inspire confidence.