Traders and investors are also watching for the company's second-quarter earnings report, confirmed for Tuesday before the market open. According to analyst consensus estimates, BAC is expected to report revenue of $25.16 billion on EPS of 84 cents.

What Happened?

U.S. CPI inflation in June decelerated more than anticipated, reinforcing investor expectations of a single rate hike by the Federal Reserve followed by a halt to its tightening cycle. The Bureau of Labor Statistics' data reveals a drop in the annual inflation rate from 4% in May to 3% in June, slightly below the average economist forecast of 3.1%.

This marks the twelfth consecutive month of declining inflation and the lowest reading since March 2021...Read More

According to data from Benzinga Pro, BAC has a 52-week high of $38.60 and a 52-week low of $26.32.