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Stock market today: US futures trapped in inflation countdown as meme rally roars back

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Inflation Data,Premarket Trading,Producer Price Index

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 in the countdown to fresh inflation data and a Jerome Powell speech that could shed light on the path of interest rates.) shares surged in premarket trading, each up over 120% as retail investors piled in for a second day.

Inflation falling further from here in the near term is a "pipe dream" and rate cuts will continue to be pushed out, Stifel strategists said.

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GameStop stock gains more than 100% as meme-stock market returns with a vengeanceGameStop stock stock surged again early Tuesday, adding to a 74% rise on Monday as meme stocks appear to be back in vogue.
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