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Stock market today: Meme rally roars as stocks climb in inflation countdown

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Meme stocks soared again as US equities more broadly stayed muted in the countdown to fresh inflation data and a Jerome Powell speech.

Meme stocks soared again on Tuesday, as US equities rose in late afternoon trading. The moves come following comments from President Biden on new China tariffs as investors count down to Wednesday's heavily anticipated look into consumer prices. The S&P 500 and Dow Jones Industrial Average jumped about 0.5% and and 0.3%, respectively. The tech-heavy Nasdaq Composite climbed about 0.8%.

That was according to the latest release of the Producer Price Index, which measures prices producers receive for goods produced. But the release also showed March's monthly price increase was revised lower to a decrease of 0.1% from an initial reading of a 0.2% increase. The mixed bag helped Wall Street largely shrug off the report. The more crucial reading of inflation is expected on Wednesday with the release of the Consumer Price Index.

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