Stocks rose slightly Tuesday as traders looked for clues on what impact rising prices pressures may have on the Federal Reserve’s support for a U.S. economy recovering from the COVID-19 pandemic.
The Dow Jones Industrial Average rose 2 points, or 0.01%, to 34,632, the S&P 500 gained 0.08% and the Nasdaq was up 0.22%.
Equities recovered from what looked like a sharply lower stock market open after reports of widespread outages at government and global news websites such as The New York Times and Bloomberg. TheStreet’s websites also were knocked offline by the outage.
The Labor Department will release a report on consumer prices for May on Thursday. The CPI report will be one of the last major economic indicators before the Fed meets on June 15-16.
Prices on everything from food to gas to lumber have been rising and the fear in the market is that rising inflation will push the Federal Reserve to begin tapering asset purchases and boost interest rates sooner than expected.
Benchmark 10-year Treasury note yields eased to 1.53% on Tuesday.
Tesla (TSLA) – Get Report shares fell Tuesday after the electric vehicle company saw a surge in China sales during May that eased concerns of near-term weakness in the world’s biggest automotive market.
Stitch Fix (SFIX) – Get Report was rising significantly after the personal styling company posted a narrower-than-expected loss in the fiscal third quarter and gave an outlook that was seen as strong, prompting a raft of analyst price-target upgrades.
Bitcoin slumped to a two-week low Tuesday and other digital tokens including Ethereum, Cardano and XRP all traded lower after the surprise recovery of Colonial Pipeline’s recent cyberattack ransom raised concerns about Bitcoin’s supposed gold-like infallibility.