The U.S. stock market has rallied in recent weeks, recovering from a slump in April sparked by Trump's "Liberation Day" tariffs. At 11:24 a.m. ET, the Dow Jones Industrial Average rose 165.55 points, or 0.39%, to 43,032.42, the S&P 500 gained 16.18 points, or 0.27%, to 6,054.99 and the Nasdaq Composite gained 68.54 points, or 0.35%, to 19,783.53.

The consumer price index, excluding the often volatile food and energy categories, increased only 0.1% from April, according to government data.

Consumer prices showed little sign of tariff-related increases for the third month in a row, defying expectations of a significant rise in inflation tied to ongoing U.S. trade wars.

Asian shares were mostly higher on Tuesday as investors kept an eye on China-U.S. trade talks that might help stave off a recession.

After two days of talks in London, the U.S. and China late Tuesday agreed on what they called a framework to get a May trade truce back on track.

A gauge of Chinese shares in Hong Kong fell as much as 0.9% as trading resumed after the mid-day break, and finished the session down 0.2%.