Stock market today: Wall Street ticks higher after inflation data clears the path for cuts to rates

NEW YORK — Wall Street ticked higher after the latest update on inflation came in almost exactly as economists expected. The S&P 500 rose 0.4% Wednesday, coming off one of its best days of the year. The Dow Jones Industrial Average added 0.6%, and the Nasdaq composite ended basically flat. Treasury yields were steady after the U.S. government said consumers paid prices for food, gasoline and other things last month that were 2.9% higher than a year earlier.

The data should keep the Federal Reserve on track to cut its main interest rate at its next meeting in September, a move that Wall Street has long been looking forward to. The Fed has been keeping rates at an economy-crunching level in hopes of stifling inflation that topped 9% two years ago, and lower rates would ease the pressure on both the economy and on prices for investments.

If most of the data over the next few weeks points to a slowing economy, he said the Fed may cut more aggressively. That includes a report coming up Thursday about how much U.S. shoppers spent at retailers. The two-year yield, which more closely tracks expectations for the Fed, rose to 3.96% from 3.94% late Tuesday, as traders weigh whether September’s anticipated cut will be the traditional or jumbo-sized move.

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