Stock Market Today: Shares move up on China news, CPI report; GM, Oracle in focus

Updated: 10:53 a.m. ET

Trump says China agrees to ship rare earths again

Techs move higher;;The morning's rally was gaining some strength thanks to gains in technology shares and President Trump's assertion that a China trade deal is done. 

 At 10:53 a.m. ET, the Standard & Poor's 500 Index was up 18 points to 6,057. The Nasdaq Composite was up 73 points to 19,793, and the Dow Jones Industrial Average had added 158 points to 43,025.

In a post, the president said China has agreed to supply rare earths and magnets to U.S. customers, and the United States will allow “UP Chinese students into its colleges and universities. 

More details need to be worked out, however.

Eight of 11 S&P 500 sectors were higher, led by the Information Technology sector. Palantir Technologies  (PLTR) , Micron Technology  (MU)  and chip-maker Broadcom  (AVGO)  were leading the sector, up 4.3%, 2.5% and 2.5%, respectively. 

Tesla  (TSLA)  was up 2.5% to $334 after CEO Elon Musk posted on X that he regretted of his comments about the president after his messy departure from the White House. The shares have jumped 22% since their low on June 5.

Meta Platforms  (META)  was up 0.3% after agreeing to take a 49% stake in artificial intelligence startup Scale AI for about $14.8 billion.

Updated 10:10 a.m.

Decent inflation report gives market a push

Stocks moved modestly higher at the open thanks to decent news on inflation and the added plus that the United States and China have agreed to keep talking. 

 At 10:07 a.m. ET, the Standard & Poor's 500 Index was up 6  points to 6,044. The Nasdaq Composite was up 20 points to 19,735, and the Dow Jones Industrial Average had added 55 points to 42,922.

The S&P 500's gain, if it holds would be its fourth straight. The index is getting closer to its 52-week high of 6,147.43, reached on Feb. 19. 

Interest rates were slightly lower. The 10-year Treasury yield was down slightly to 4.455%. 

Updated: 9:10 a.m. ET

Shares flip to higher after CPI report meets estimates

Stock futures abruptly turned higher after investors embraced the government's report on consumer price inflation.

At 9 a.m. futures trading in the Standard & Poor's 500 index had moved to a gain of 13 points. Nasdaq-100 futures were up 59 points, and futures on the Dow Jones Industrial Average had climbed 53 points. 

Just before the Consume Price Index report came out, the futures market was modestly lower. The report will boost pressure on the Federal Reserve to cut interest rates at its June 17-18 meeting. 

Futures trading has proved a fickle indicator for investors since the market bottomed in mid-April. 

The CPI report suggested prices fell 0.1% in May but were up about 2.4%.

Oil prices were higher because the United States and China have agreed to continue their tariff negotiations.

Stock Market Today 

Stocks are looking to open slightly lower on Wednesday as investors parse an inflation report that matched Wall Street expectations.

The Consumer Price Index report, released at 8:30 a.m. EDT, showed annual inflation at 2.4% in May, compared with 2.3% in April. The Wall Street Journal reported that the latest number matched estimates from economists.