(Reuters) – The New York Stock Exchange opened higher on Tuesday as the release of the U.S. producer price report, which showed easing inflation pressures, anchored indexes in positive territory just before the bell.
In early trading, the Dow Jones index gained 146.07 points, or 0.37%, to 39,503.08 points, and the broader Standard & Poor’s 500 rose 0.65% to 34.90 points.
The Nasdaq Composite gained 1%, or 167.87 points, to 16,948.47.
The highly anticipated July PPI data released by the Labor Department on Tuesday showed a smaller-than-expected month-on-month increase, a sign of easing inflationary pressures.
The PPI rose 0.1 percent last month after rising 0.2 percent in June, while economists polled by Reuters had expected a 0.2 percent increase, as rising goods prices were tempered by falling services costs.
The main indicator of the week, CPI inflation, will be released on Wednesday and could force investors to reassess their monetary or economic outlook for the United States.
Starbucks shares are up more than 20% after announcing the appointment of a new CEO on Tuesday.
New York-listed shares of Tencent Music Entertainment tumbled 16.3% after the music streaming group reported a decline in second-quarter revenue.
(Written by Augustin Turpin, edited by Kate Entringer)
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