Stock market news today: Investors await fresh inflation data

US stocks climbed on Tuesday as traders weighed comments from Federal Reserve officials a day earlier and braced for an important inflation reading to drop on Wednesday.

The Fed's Mary Daly and Loretta Mester both indicated on Monday that they see rates having to move higher in order to get inflation under control. The Fed paused rate hikes at its June meeting, though Mester said that if it were just up to her, she would have raised again. Meanwhile, Daly noted in remarks at the Brookings Institution that"a couple more" rate hikes are probably needed to get inflation to the Fed's 2% goal.

The June consumer price index reading will publish on Wednesday, and traders are eagerly eyeing more signs that inflation continues to slow. Fundstrat's Tom Lee on Monday initiated a rare short-term buy call for the S&P 500 this week, predicting the benchmark index to rise to 4,500 by the end of the week on cooler CPI data.

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