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

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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