Stock market today: S&P 500, Nasdaq rip higher as key inflation data comes in cool

US stocks ripped higher in late morning trading on Tuesday as Wall Street digested cooler-than-expected inflation data and awaited an update on consumer prices. The S&P 500 rose more than 1%, while the tech-heavy Nasdaq Composite around 1.7%. The Dow Jones Industrial Average inched up around 0.5%. So far, it's the best three-day stretch for the Nasdaq Composite, Nasdaq 100 , and S&P 500, with each tracking four straight wins.

July's retail sales reading, a key indicator of the health of the US consumer, is set to follow on Thursday. Wall Street is coming off an unusually boring day after more than a week of volatility. The S&P 500 and Nasdaq on Monday continued slowly building back toward the highs the indexes saw before a three-day sell-off wiped out a decent chunk of those year-to-date gains. Home Depot was the most significant name on the earnings docket Tuesday.

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