U.S. stocks open modestly higher as investors look ahead to June inflation data

U.S. stocks opened modestly higher Tuesday, a light day on the economic calendar, as investors look ahead to highly-anticipated inflation data due out Wednesday. The Dow Jones Industrial Average
DJIA,
+0.41%
was up 0.4% soon after the opening bell, while the S&P 500
SPX,
+0.30%
gained 0.2% and the Nasdaq Composite
COMP,
+0.29%
increased 0.2%, according to FactSet data, at last check. The U.S. government will release June inflation data, as measured by the consumer-price index, on Wednesday morning before the U.S. stock market’s open. Traders in the federal-funds-futures market see a 92.4% probability that the Federal Reserve will raise its benchmark interest rate by a quarter point at its policy meeting later this month as it continues to battle high inflation, according to the CME FedWatch Tool on Tuesday morning.