Stock futures are little changed as traders await key inflation report, Nvidia earnings: Live updates

US stocks experienced a rebound on Tuesday, with investors largely disregarding escalating trade tensions with Canada despite the latter's announcement of retaliatory tariffs on US goods. The Dow Jones Industrial Average and the S&P 500 both rose by 0.3%, while the tech-focused Nasdaq Composite climbed 0.6%, marking a recovery from Monday's decline in tech stocks.

Nvidia, a prominent tech company, saw its stock increase by 2% ahead of its eagerly awaited quarterly earnings report, which is slated for release on Wednesday. This marked a turnaround from a seven-day losing streak.

The market's resilience in the face of mounting trade disputes between the US and Canada was further underscored by the fact that both nations have refrained from targeting oil for now, despite raising tariffs on steel, dairy, and other commodities.

Meanwhile, the price of Bitcoin briefly breached the $80,000 mark for the first time in three months, driven by Treasury's intervention in the bond market, which reignited concerns about dollar devaluation and prompted investors to seek refuge in alternative assets. Gold also continued its upward trajectory.

Economic indicators released recently revealed that new home sales and a gauge of consumer confidence both plummeted to their lowest points since January, as rising costs of living put pressure on consumers. This backdrop set the stage for the Federal Reserve's Jackson Hole Symposium, where Fed Chair Kevin Warsh will deliver his first speech as part of the committee.

Software sector leaders Intuit and Zoom Communications are set to report earnings on Tuesday, while DICK's Sporting Goods experienced a 30% decline after missing second-quarter expectations and revising its full-year outlook due to unfavorable conditions in the sporting goods industry.