Wall Street Live: Stocks edge up on progress in US-China trade talks, inflation

Wall Street Live: Wall Street stock indices edged higher on Wednesday after US and Chinese officials touted progress on trade talks and consumer inflation rose modestly.

At 10:03 a.m. ET, the Dow Jones Industrial Average rose 55.84 points, or 0.13%, to 42,922.71, the S&P 500 gained 6.13 points, or 0.10%, to 6,044.94 and the Nasdaq Composite gained 26.66 points, or 0.14%, to 19,742.60.

At the opening bell, the Dow Jones Industrial Average rose 16.0 points, or 0.04%, to 42,882.86. The S&P 500 rose 10.6 points, or 0.18%, to 6,049.38, while the Nasdaq Composite rose 64.4 points, or 0.33%, to 19,779.355.

After two days of talks in London, US President Donald Trump said in a social media post that "our deal with China is done".

He also noted that provisions on rare earth elements and allowing Chinese students at US universities were subject to presidential approval.

Meanwhile, the US inflation – Consumer Price Index – came in at 2.4% in May from a year ago after a 2.3% reading in April.

In the bond market, the yield on the 10-year Treasury fell to 4.43% from 4.47% late on Tuesday.

Gainers and Losers

Tesla stock rose 1.7% after CEO Elon Musk said he regrets some of the posts he made last week about Trump, following an abrupt rift that has roiled the electric-vehicle maker's shares.

Shares of GitLab tumbled 10.2% after the software company’s quarterly results.

GameStop stock slipped 4.4% after the videogame retailer reported a fall in quarterly revenue.

Bullion

Gold prices gained on Wednesday on softer-than-expected inflation data.

Spot gold rose 0.5% to $3,337.49 an ounce as of 0909 ET (1309 GMT). US gold futures added 0.5% to $3,358.80.

Spot silver eased 0.7% to $36.32 per ounce. Platinum rose 3.8% to $1,268.12. Palladium added 1.1% to $1,072.25.

Crude oil

Oil prices surged on Wednesday as President Trump said a deal had been done with China.

Brent crude futures were up $1.15, or 1.7%, to $68.02 a barrel at 1249 GMT, while US West Texas Intermediate crude was up $1.31, or 2%, to $66.29.