After data revealed a modest increase in consumer prices during May, the S&P 500 and Nasdaq achieved fresh one-year highs on Tuesday. This development sparked hopes that the Federal Reserve might decide against raising interest rates by the end of its policy meeting on Wednesday.

At the start of trading, the Dow Jones Industrial Average rose by 44.75 points, representing a 0.13% increase, reaching a level of 34,111.08. The S&P 500 commenced higher with a gain of 13.68 points, or 0.32%, opening at 4,352.61. Simultaneously, the Nasdaq Composite experienced a climb of 104.60 points, equivalent to a 0.78% rise, reaching 13,566.53 at the opening bell.