"Inflation Cools, Stocks Rise: Market Updates"

Stocks opened higher as inflation in the US continued to cool down, with the S&P 500 up almost 1% and the Dow Jones Industrial Average adding about 0.6%. The tech-heavy Nasdaq traded slightly above 1%. The Consumer Price Index (CPI) report showed the slowest rate of increase since March 2021, raising hopes that the Federal Reserve might reconsider the need for more interest rate hikes to address price pressures. However, traders are still pricing in a 91% chance of a rate hike at the Fed's July meeting.