Stocks edge higher in wait for inflation data: Stock market news today

Stocks edged higher Tuesday in the countdown to inflation reports that could give the Federal Reserve cause to consider ending its interest-rate hikes more quickly.

At the open, the S&P 500 (^GSPC) added about 0.2%, while the Dow Jones Industrial Average (^DJI) was up around 0.4%, or 140 points. The tech-heavy Nasdaq Composite (^IXIC) gained 0.1%. All three major gauges booked gains on Monday.

Early Tuesday, the NFIB survey on US business confidence showed optimism rose to a seven-month high in June, but a still-tight labor market continued to drive concerns about price pressures.

At the same time, investors weighed comments from Fed officials that more rate hikes are needed, as they look ahead to consumer and producer inflation reports due later this week.

Also on the radar: Signs that China is gearing up to support its faltering economy, while Amazon kicks off its Prime Day promotion that will be watched for a read on retail and the American consumer.

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