The U.S. stock market on Tuesday rose toward records after data suggested inflation in July was a touch better than economists expected.

Stocks rallied worldwide on Tuesday as U.S. consumer prices data allayed concerns that tariffs were already starting to raise inflation, hours after Washington and Beijing agreed a trade war truce that staved off a surge in levies on Chinese imports.

Wall Street is pointed toward new heights before the opening bell Wednesday after new U.S. inflation data raised hopes that the Federal Reserve will cut its benchmark interest rate next month. Futures for the S&P 500 and Nasdaq each ticked up 0.

S&P 500 futures are up 0.02% . Dow Jones Industrial Average futures are up 0.02%. Nasdaq 100 futures are up 0.2%. On Tuesday, the Dow Jones Industrial Average rose 484 points, or 1.1%, to 44,459, the S&P 500 increased 72 points,