Stock market today: Wall Street rallies after passing the first of several tests set for this week

NEW YORK — U.S. stocks rose to one of their best days of the year as Wall Street relaxed after the first of several highly anticipated reports on the economy this week came in better than expected. The S&P 500 rallied 1.7% Tuesday after the government reported inflation at the wholesale level slowed last month by more than anticipated. The Dow Jones Industrial Average gained 1%, and the Nasdaq composite climbed 2.4%.

Treasury yields eased in the bond market following the inflation data, as traders remain convinced the Fed’s meeting next month will bring the first cut to interest rates since the COVID crash of 2020.All is still not clear, though. On Wednesday, the U.S. government will deliver the latest monthly update on inflation that U.S. consumers are feeling, which could be less encouraging. And on Thursday will come a report showing how much U.S. shoppers are spending at retailers.

The retail giant lowered its full-year forecasts for an important measure of sales and for profit, even though it topped expectations for the second quarter. Its stock rose 1.9% after flipping earlier between modest gains and losses. In stock markets abroad, indexes were modestly higher across much of Europe and Asia. Japan’s Nikkei 225 was an outlier and jumped 3.4%.

Another worry that’s made Wall Street so shaky over the last month is concerns that investors went overboard in their mania around artificial-intelligence technology and took the prices of Big Tech and AI-related companies too high.

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