STOCK MARKET TODAY: U.S. Stocks Advance Ahead of Key Inflation Data That Will Help Confirm the Fed's Interest Rate Plans

• U.S. stocks rose on Tuesday as investors awaited a key March inflation report.

• The CPI report will be released on Wednesday and investors expect inflation to continue to slow.

• Bond yields slipped after rising last week as investors adjusted their outlook for interest rates.

U.S. stocks were higher on Tuesday as investors awaited a major inflation report due later this week.

The March Consumer Price Index report will be released on Wednesday morning and investors expect inflation to continue to fall. Current estimates suggest that the year-over-year Core CPI will fall to 3.7% versus 3.8%, while the month-over-month Core CPI is expected to fall to 0.3% versus 0.4%.

The March CPI report will help to understand when the Fed is likely to cut rates. Current forecasts suggest that the likelihood of the Fed cutting rates for the first time at the June FOMC meeting is about 50%, but if the inflation report exceeds consensus expectations, it could have a significant impact on these possibilities.

"It is because the US labor market indicators are so vague that the US inflation data is so important as a micro-factor in the Fed's policy outlook for the next few months. Macquarie (Macquarie) strategist Thierry Wizman (Thierry Wizman) said: "Tomorrow's March CPI report will be crucial.

Bond yields declined, with the 10-year Treasury yield slipping 4 basis points to 4.384%.

Here's what the U.S. stock indexes are doing not long after the 9:30 a.m. opening bell on Tuesday:

• Standard & Poor's 500indices::5,219.87 points, up 0.32%.

• Dow Jones Industrial Average38,974.22 points, up 0.2% (+79.40 points)

• Nasdaq Resonanceindices16,312.15 points, up 0.35%.

What else happened today?

• Even though financial markets see zero chance of an economic downturn in the coming year, a well-known recession indicator is still flashing red.

• Ed Yardeni, a market veteran, says any spike in inflation could send gold prices soaring as high as 50% by 2025.

• Evercore notes that these eight stocks are poised to report unexpectedly strong first-quarter results in one of the best environments for stock pickers in nearly 20 years.

Commodities, bonds and cryptocurrencies:

• West Texas resonance Intermediate crude fell 0.07% to $86.37 per barrel. International benchmark Brent crude oil rose 0.11% to US$90.48 per barrel.

• Gold jumped 0.78% to $2,369.40 an ounce.

• The 10-year Treasury yield fell 4 basis points to 4.384%.

• Bitcoin fell 1.63% to $70,460.

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