Stocks rose higher Tuesday as market participants looked ahead towards key inflation data set for release later this week. The Dow Jones Industrial Average rose over 300 points, while the S&P 500 Index and Nasdaq Composite added about 0.7% and 0.6%, respectively.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): +0.67% or +29.73 points to 4,439.26

Dow Jones Industrial Average (DIA  ): +0.93% or +317.02 points to 34,261.42

Nasdaq Composite Index (QQQ  ): +0.55% or +75.22 points to 13,760.70

Investors will react to June's consumer price index report on Wednesday and June's producer price index slated for release on Thursday -- both reports will show whether inflation continuing to cool and will offer the Federal Reserve more insight before its next policy decision later this month.

According to the CME FedWatch Tool, analysts are pricing a 92% chance policymakers will raise its benchmark interest rate by 0.25% to a range of 5.25% to 5.50% at the conclusion of the Fed's July 25-26 meeting.

On Tuesday, Activision Blizzard (ATVI  ) shares rose after a federal judge denied the Federal Trade Commission's motion for a preliminary injunction to stop Microsoft's (MSFT  ) acquisition of the video game developer. The two companies plan to complete the $68.7 billion deal by July 18.

Bank of America (BAC  ) $150 million by the Consumer Financial Protection Bureau for allegedly charging multiple overdraft fees for the same transaction, failing to properly issues rewards to credit card users and creating card accounts for customers without their consent.

"These practices are illegal and undermine customer trust," CFPB Director Rohit Chopra said in the release. "The CFPB will be putting an end to these practices across the banking system."

Salesforce (CRM  ) shares rose higher after the cloud-based software provider said it would raise list prices by an average of 9% from August, marking its first price hike in seven years. The new prices for Tableau, Sales Cloud, Service Cloud, Marketing Cloud and Industries will impact both new and existing customers, Salesforce said.

Shutterstock (SSTK  ) shares rose over 9% after the stock media platform announced an expansion of its partnership with OpenAI. In a new six-year agreement, Shutterstock now has priority access to the newest OpenAI technology, with the new companies bringing generative AI to GIPHY for mobile users.

The second-quarter earnings season will also kick-off this week, with Goldman Sachs cheering a "strong earnings season" ahead as companies post early results.

"Historically, analysts cut forecasts into earnings season, only for companies to top lowered estimates" analyst Jonathan Golub wrote in a Tuesday note. "2Q's downward revisions have been much less severe than in both 1Q and 4Q, and early reporters (18 companies so far) have surprised by a healthy 5.5%."