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Stock market today: Global stocks, Wall Street futures mixed after U.S. inflation cools

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Global stock markets and Wall Street futures were mixed Wednesday after a cooler reading on U.S. inflation buoyed hopes the Federal Reserve will postpone a possible interest rate hike.

London and Frankfurt opened higher. Shanghai and Hong Kong declined while Tokyo advanced. Oil prices rose.Wall Street's benchmark S&P 500 index hit a 14-month high after official data Tuesday showed U.S. consumer inflation eased to 4% over a year earlier in May from the previous month's 4.9%. It was less than half last June's peak of 9.1% but still double the Fed's 2% target.

In early trading, the FTSE 100 in London rose 0.1% to 7,602.64. The CAC 40 in Paris gained 0.2% to 7,323.55 and the DAX in Frankfurt advanced 0.2% to 16,272.07. Tuesday's inflation reading prompted traders to increase bets for the Fed to announce no change to interest rates. That would be the first monthly meeting in more than a year without a rate hike.Nvidia gained 3.9% on Tuesday and was the strongest force pushing up the S&P 500, along with other technology stocks. Tech and other high-growth stocks are seen as some of the biggest beneficiaries if the Fed eases off rate hikes.On Tuesday, four out of five stocks in the S&P 500 rose.

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