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
Dow Jones Industrial Average
Nasdaq Composite Index
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
Bank of America
"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
Shutterstock
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%."