NEW YORK: Wall Street stocks edged higher early Tuesday, shrugging off disappointing US inflation data and fresh announcements of tariffs targeting China.
US wholesale prices jumped by 0.5 percent in April, marking a sharp increase from a revised 0.1 percent slowdown a month earlier, in a dynamic that could keep Federal Reserve interest rates higher for longer.
Meanwhile, the United States announced it is hiking tariffs on $18 billion worth of Chinese imports, targeting strategic sectors like electric vehicles and steel – prompting a fiery response from Beijing.
US stocks rise ahead of inflation data, Walmart results
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.1 percent at 39,488.58.
The broad-based S&P 500 also added 0.1 percent at 5,226.43, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 16,415.77.
Among individual companies, both GameStop and AMC Entertainment were up more than 80 percent, marking a second day of stunning upward moves in an apparent revival of the “meme stock” craze from 2021 when small investors bid up choice companies.
Home Depot advanced 0.7 percent after reporting better-than-expected profits despite “continued softness” in some consumer segments. The home-improvement retailer confirmed its full-year forecast.
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