Stock market news today: Investors eye further slowdown in inflation

US stocks jumped Monday as investors looked to Tuesday's consumer price index report, which is expected to show a further slowdown in inflation.

Wall Street estimates that January inflation will show an annual pace of 6.2%, down from 6.5% in December as well as June's high of 9.1%. The Labor Department will publish the data at 8:30 a.m. ET. In a research note, analysts at JPMorgan said a reading of 6% to 6.3% is the most likely scenario with odds of 65%. If that happens,Investors have been optimistic that improving data will allow the Federal Reserve to start cutting rates later this year. But Fed policymakers have said recently that the central bank still has a lot of work to do on inflation and warned they eventually may have to lift benchmark rates higher than markets expect.

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