US stocks wavered on Friday, hovering near record highs as signs of strength in the economy provided the buoyancy that Netflix's (NFLX) earnings report lacked. The S&P 500 and Nasdaq trimmed early gains after the University of Michigan consumer sentiment survey showed one-year inflation expectations plunging to 4.

Trump’s tariffs and trade war continue to affect global markets. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

The stock market marched to fresh highs with Nvidia, Taiwan Semiconductor and AI chipmakers leading and economic data solid. Online brokers also are hot.

I'm talking about Nvidia  (NVDA) , of course, and the question is: Can it help power the S&P 500 to another record high?The answer is yes. In premarket trading shares of the AI-chip giant are trading up nearly 1%.

Nvidia (NASDAQ: NVDA) shares surged 4% to close at $170.70 on Tuesday, outpacing broader market indices as investors responded positively to news about graphics processing unit (GPU) exports to China resuming.

JPMorgan stock declined 0.5% in morning trading, while BlackRock tumbled 2%. Citigroup shares moved up 1%, as Wells Fargo stock sold off more than 3% in premarket action.

Nvidia (NVDA) stock jumped more than 4% in early trading on Tuesday after the AI chipmaker said it was applying to resume sales of its H20 GPUs in China following a US ban that cost the company billions in lost sales.

Key Points AMD stock is soaring following news that Nvidia will receive licensing approval to sell its H20 processors in China. Export approvals for Nvidia's H20 suggest that AMD's own AI processors for the Chinese market could receive the necessary licenses.

Strong consumer spending and solid earnings for AI chipmaker Taiwan Semiconductor Manufacturing boosted the broad market.

Chinese Commerce minister Wang Wentao said he hopes that multinational companies including Nvidia would provide Chinese customers with high-quality products,