Stock market today: Dow, S&P 500, Nasdaq futures rise as cool inflation data boosts markets, Fed rate cut hopes

Inflation didn’t pickup as much as Wall Street expected in May.

The latest data from the Bureau of Labor Statistics showed that consumer prices increased 2.4% over the prior year in May, an increase from April’s 2.4% and in line with economists’ forecast for 2.4%. But all other closely watched metrics from the release came in below expectations.

On a month-over-month basis, prices increased 0.1%, lower than the 0.2% estimated by economists and the 0.2% increase seen in April.

On a “core” basis, which strips out the more volatile costs of food and gas, prices in April climbed 0.1% over the prior month, lower than April’s 0.2% rise and below consensus projections for a 0.3% increase. Over the last year, core prices rose 2.8%, unchanged from the prior month and below Wall Street’s expectations for a 2.9% increase.