Stocks were higher on Tuesday after inflation data showed prices rose less than expected in May, likely clinching a pause in the Federal Reserve’s rate hiking campaign on Wednesday.
Near 1:00 p.m. ET on Tuesday, the S&P 500 (^GSPC) was up about 0.6%, while the Dow Jones Industrial Average (^DJI) climbed 0.6%, or about 190 points. The Nasdaq Composite (^IXIC) pace gains, rising 0.7%.
The Consumer Price Index (CPI) report for May showed headline inflation rose 4% over the prior year in May, the slowest since April 2021 and below expectations for a 4.1% increase.