Stock market today: US stocks jump as key inflation data comes in cool

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Nasdaq Composite News

Producer Price Index,Consumer Prices,Federal Reserve

Investors are anxious for several economic datapoints this week, starting with inflation.

US stocks opened higher on Tuesday as Wall Street digested cooler-than-expected inflation data and awaited an update on consumer prices. The S&P 500 rose about 0.7%, while the tech-heavy Nasdaq Composite jumped roughly 1%. The Dow Jones Industrial Average inched up around 0.4%. US producer prices, often a signal for where consumer prices are heading, rose just 0.1% month-over-month in July, lower than economist forecasts. Year-over-year, the Producer Price Index rose 2.

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. The home-improvement retailer's shares fell after it cut its outlook on comparable same-store sales for the rest of the year.

 

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