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Stock market today: Nasdaq closes at record high, meme stocks surge again ahead of inflation data

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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 finished the trading day higher. The moves follow 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 0.3%, respectively. The tech-heavy Nasdaq Composite climbed about 0.8% to reach a new record close of 16,511 — the highest level since April 11.

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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