US wholesale inflation was muted in June, presenting what would seem to be a better-than-expected outcome amid President Donald Trump’s hefty tariffs on global trading partners. However, a steep drop-off in travel and other services camouflaged an increase in the cost of goods.

After months of seeing very little inflation, US consumers probably experienced slightly faster price growth in June as companies started to pass along the higher cost of imported merchandise associated with tariffs.

US stocks end mixed after June inflation data and mixed earnings pressured the Dow and S&P 500. Nvidia powers Nasdaq to record high.