US stocks were little changed Tuesday as traders looked for clarity on future Federal Reserve policy moves after April's producer price index rose more than expected.
The producer price index reading for April came in above estimates, putting a damper on expectations that the Federal Reserve would begin cutting rates later this year as inflation weakens. The PPI gained 0.5% from April, higher than the 0.3% that economists polled by Dow Jones had anticipated.
Meme stocks soared again in morning trading Tuesday. AMC Entertainment rose 128%; GameStop rose 113%; Koss rose 36%; Blackberry rose 23%.
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