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Stock market today: Meme rally roars as stocks stay muted 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 more broadly stayed muted amid a mixed inflation reading, as investors counted down to Wednesday's more heavily anticipated look into consumer prices. The S&P 500 , Dow Jones Industrial Average and the tech-heavy Nasdaq Composite all hovered around the flatline in morning trading. New data on Tuesday showed wholesale prices increased 0.5% month-over-month in April, above the 0.3% consensus expected.

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. For his part, Fed Chair Jerome Powell said Tuesday that PPI was more "mixed" than "hot," reiterating during a question-and-answer session that he does not expect the central bank's next move to be a rate hike. Meanwhile, the meme-stock train rolled on.

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