Stock market today: Indexes edge up as traders digest wholesale inflation data

Stocks slid Tuesday morning as the producer price index came in hotter than expected. Investors are awaiting comments from Fed Chairman Jerome Powell.

• The producer price index came in higher than estimates, gaining 0.5% in April.
• Major indexes were slightly higher after the data as investors assessed the impact on rate cut outlooks. 
• Fed Chairman Jerome Powell is scheduled to speak later on Tuesday.

US indexes edged slightly higher Tuesday morning as traders assessed fresh inflation data. 

April's producer price index data beat estimates, gaining 0.5% for the month against 0.3% consensus estimates. But inflation concern was partially mitigated by a revised 0.1% decline in March.

The PPI data comes a day before Wednesday's consumer price index and will give investors a broader frame of reference. If CPI data is equally hot, the stuttering stock rally could face even more negative consequences.

"Today's PPI is a bad omen for tomorrow's CPI number – despite the relationship between the two being somewhat complicated – and if the market is spooked by today's higher-than-expected PPI number, then it will be even more disturbed by a higher-than-expected CPI number tomorrow," said Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance.

Ahead of the report, investors anticipate core CPI to rise 0.3% in April, below the 0.4% gain in March.

Meanwhile, Federal Reserve Chairman Jerome Powell will speak later on Tuesday, potentially offering hints about when the central bank could cut rates. 

Elsewhere in markets, meme stocks are back as GameStop and AMC post huge two-day gains on the back of a cryptic tweet from retail trading icon Keith Gill.

The 10-year Treasury briefly topped 4.5% after the PPI data before slipping by about one basis point to 4.465. 

Here's where US indexes stood at the 9:30 a.m. opening bell on Tuesday: 

• S&P 500: 5,221.29, up 0.01%
• Dow Jones Industrial Average: 39,442.78, up 0.03% (+11.27 points)
• Nasdaq composite: 16,408.86, up 0.14%

Here's what else is going on today:

• Gamestop's sharp rally continues for a second day, but to one market guru, it's all a 'speculation orgy.'
• Why today's economic strength means a harder landing in 2025, according to Apollo's Torsten Slok.
• 3 reasons the dollar won't lose its top spot in global trade and finance, according to Morgan Stanley.

In commodities, bonds, and crypto: 

• West Texas Intermediate crude oil fell 0.48% to $78.85 a barrel. Brent crude, the international benchmark, dropped 0.44% to $83.09 a barrel. 
• Gold climbed 0.54% to $2,344.14 per ounce. 
• The 10-year Treasury yield edged down to 4.465%. 
• Bitcoin slid 1% to $61,963.