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U.S. stocks rise as traders pin hopes on inflation data - BNN Bloomberg

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The stock market continued its ascent as traders bet on a milder U.S. inflation print and economic stimulus from China.

The risk-on tone drove demand for technology and basic resources stocks in Europe, with Glencore Plc and Rio Tinto Plc leading gains among miners. U.S. benchmark futures climbed after the Nasdaq 100 and the S&P 500 closed at the highest levels since April 2022. Investors chasing the stock rally sold bonds, with the yields on both two-year Treasuries and U.K. gilts trading near financial-crisis highs. The dollar weakened.

Falling energy prices in May should offset increases in other categories to leave the headline index roughly unchanged, according to Anna Wong, Bloomberg's chief U.S. economist. Excluding food and energy, prices probably rose 0.3 per cent — a deceleration from April's 0.4 per cent increase, she said.

Investor speculation about looming cuts to China's longer-term policy rates also intensified on Tuesday after the central bank unexpectedly lowered its seven-day reverse repurchase rate. In other share moves, Apple Inc. slipped after a downgrade from UBS Group AG. Oracle Corp. rallied after the software company reported fourth-quarter results that beat expectations and gave a forecast for first-quarter revenue growth that's ahead of analyst estimates.

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