Investors like the CPI data, Stock opened higher Tuesday

The consumer-price index for May is out; here are the key numbers:

• Prices edged up 0.1% from a month earlier, compared with the 0.4% increase in April.

• Prices rose 4% from a year earlier, compared with the 4.9% increase in April.

• Core CPI rose 0.4% from a month ago and 5.3% from a year ago. Economists expected increases of 0.4% and 5.5%, respectively.

• The report comes ahead of the Federal Reserve's rate decision, set to be announced tomorrow. The central bank has been aggressively raising rates to bring inflation down to its 2% target.

Investors like the CPI data this morning.

Stock futures are rallying after the latest read, building on the market's recent gains. The tech-heavy Nasdaq, which has been racing past its peers, outperformed in recent trading.

The yield on the 10-year Treasury note dropped to around 3.686% after the report, according to Tradeweb. So far, the fresh data hasn't dented investors' expectations that the central bank will keep rates steady when it announces its policy decision tomorrow, CME Group data show.

The latest read on inflation was in line with what economists and analysts had been expecting.

Stocks have rallied lately, in part because of expectations that the Fed will pause at its meeting this week and bets that inflation will keep slowly falling.

Many investors have accepted that it will take longer than they initially expected for prices to fall to the Federal Reserve's target. This morning's read on prices does little to change that.

Take a look at how various assets are moving after the release of the May consumer-price index: U.S. stock futures, bond yields, $WTI Crude Oil - main 2307(CLmain)$ , $Barrick Gold Corp(GOLD)$ and the $USD Index(USDindex.FOREX)$ .