Stock market today: US stocks climb as hot inflation data does little to alter rate-cut bets

• Tuesday's CPI came was slightly hotter than expected.
• Core inflation in February rose 0.4%, against 0.3% forecasts.

US equities stocks rose Tuesday, bouncing back from the previous session's slump as investors were unmoved by Tuesday's consumer price index data.

February's inflation came in slightly above forecasts, data from the Bureau of Labor Statistics showed. Inflation climbed 0.4% for the month, and 3.2% year-over-year, in line with expectations for the monthly figure, but slightly above the and 3.1% expected for the annual reading.

The month's core inflation, which strips out more volatile food and energy prices, climbed 0.4%, against estimates of a 0.3% gain.

The report has done little to change expectations about when the central bank will lower interest rates, and markets are still indicating the see a June cut in the cards. Fed officials have consistently indicated that they are waiting for further evidence of falling inflation.

"With inflation coming in slightly hotter-than-expected, we think it's a coin flip as to whether the Fed cuts interest rates in June or if it takes a more conservative approach and waits until September," Skyler Weinand, Regan Capital chief investment officer, said. "The last mile of price stability is proving to be the hardest, and inflation was able to decelerate from 9% to 3% rather quickly, but the path to the Fed's 2% target may take more time than expected."

Later this week, investors will be watching for the producer price index on Thursday.

Here's where US indexes stood at the 9:30 a.m. opening bell on Tuesday:

• S&P 500: 5,141.32, up 0.46%
• Dow Jones Industrial Average: 38,861.61, up 0.24% (+93.93 points)
• Nasdaq Composite: 16,089.01, up 0.43%

Here's what else is going on today:

• An excessive bond rally means it's time to sell Treasurys, Barclays said.
• Here are 10 top cryptocurrencies in the nearly $3 trillion market.
• The US' historic crude production is unlikely to be beat anytime soon, EIA said.
• The Fed doesn't need to cut interest rates for stocks to keep soaring, billionaire investor says.

In commodities, bonds, and crypto:

• Oil prices were nearly flat. West Texas Intermediate crude traded at $77.91. Brent crude, the international benchmark, was trading at $82.21 a barrel.
• Gold fell by 0.23% to $2,171.15 per ounce.
• The 10-year Treasury yield rose three basis points to 4.145%.
• Bitcoin increased by 0.5% to $72,087.