Stock market today: Wall Street opens higher, adding to gains for May

NEW YORK — Stocks are opening slightly higher on Wall Street, putting the market a bit closer to the record high it set in late March. The S&P 500 edged up 0.1% in the first few minutes of trading Tuesday, adding to its gains for May following a dismal April. The Dow Jones Industrial Average was up 81 points, and the Nasdaq composite was up 0.2%.

Meme stocks are jumping again Tuesday, adding to their gains Monday when the man at the center of the pandemic meme stock craze — Keith Gill, better known as “Roaring Kitty” — appeared online for the first time in three years. Stocks have broadly rallied this month following a rough April on revived hopes that inflation may ease enough to convince the Federal Reserve to cut its main interest rate later this year. A key test for those hopes will arrive Wednesday, when the U.S. government offers the latest monthly update on inflation that households are feeling across the country.

Earnings season has nearly finished, and reports are already in for more than 90% of companies in the S&P 500. But this upcoming week includes Walmart and several other big names. They could offer more detail about how U.S. households are faring. France's CAC 40 slipped 0.1% in midday trading, while Germany's DAX shed 0.2%. Britain's FTSE 100 rose 0.1%.

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