The S&P 500 and Nasdaq reached their highest closes in 14 months on Tuesday after data showed consumer prices rose modestly in May, boosting bets that the Federal Reserve will not raise interest rates on Wednesday.
Nvidia jumped 3.9 percent, becoming the first chipmaker to end a trading session with a market capitalization above $1 trillion after smaller rival Advanced Micro Devices gave an update on its artificial intelligence strategy that failed to impress investors. AMD dropped 3.6 percent.
Stocks advanced after a U.S. Labor Department report showed the consumer price index (CPI) rose 0.1 percent last month following a 0.4 percent jump in April, with core inflation unchanged at 0.4 percent….