Stock Market Today: Stocks Rise as Meme Stock Craze Continues

GameStop and several other highly shorted stocks surged again Tuesday, while Home Depot slipped after earnings.

GameStop stock chart on smartphone with GameStop logo in red in black in background
(Image credit: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)

Stocks initially struggled for direction Tuesday as investors took in the latest inflation data, a speech from Federal Reserve Chair Jerome Powell and another day of jaw-dropping gains in several meme stocks. However, a midday burst of buying power helped the main indexes close with comfortable gains.  

Starting with the inflation data. Ahead of the opening bell, the Bureau of Labor Statistics said the Producer Price Index (PPI), which measures what businesses are paying suppliers for goods, rose 0.5% from March to April and was up 2.2% year-over-year. Core PPI, which strips out volatile food and energy prices, rose 0.4% month-to-month and was 3.1% higher on an annual basis. 

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Karee Venema
Senior Investing Editor, Kiplinger.com

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.