On Tuesday, May 15th, U.S. stock markets closed higher, with the Nasdaq reaching a record closing high. Both the S&P 500 and Dow Jones also saw gains, buoyed by reassurances from Federal Reserve Chair Jerome Powell and as investors eagerly awaited the critical consumer inflation report due on Wednesday.

According to economic data, U.S. producer prices increased by 0.5% in April, rebounding from a 0.1% decline in March and exceeding market expectations of 0.3%.

Among the S&P 500's 11 major sectors, consumer staples experienced the largest decline, whereas the technology sector saw the most significant gain.

The Dow Jones Industrial Average was up 0321% and closed at 39,558.11. The S&P 500 gained 0.48%, ending the day at 5,246.68, and the Nasdaq Composite rose 0.75%, finishing the session at 16,511.18.

Asia Markets Today

• On Wednesday, Japan's Nikkei 225 gained 0.17%, ending the session at 38,380.50, led by gains in the Mining, Chemical, Petroleum & Plastic and Services sectors.
• Australia's S&P/ASX 200 index closed higher by 0.35% at 7,753.70, led by gains in the Metals & Mining, Materials and Resources sectors.
• India's Nifty 50 was down 0.06% at 22,204.60, and Nifty 500 was trading higher by 0.32% at 20,752.05.
• China's Shanghai Composite was down 0.82%, ending the session at 3,119.90, and the Shenzhen CSI declined 0.85%, closing at 3,626.06.
• Hong Kong Markets closed for The Birthday of the Buddha holiday.

Eurozone at 05:45 AM ET

• The European STOXX 50 index was up 0.06%.
• Germany's DAX gained 0.43%.
• France's CAC declined 0.12%.
• U.K.'s FTSE 100 traded higher by 0.23%.

Commodities at 05:45 AM ET

• Crude Oil WTI was trading higher by 0.26% at $78.22/bbl, and Brent was up 0221% at $82.55 bbl.
• Oil prices rose on expectations for higher demand as the U.S. dollar weakened. A report showed U.S. crude and gasoline inventories fell, while the release of inflation data may point to a more supportive economic outlook.
• Natural Gas gained 1071% to $2.369.
• Gold was trading higher by 0.65% at $2,375.15, Silver rose 1.35% to $29.090, and Copper increased 3.20% to $5.0520.
• Copper hit two-year highs, driven by tight supply prospects and fiscal stimulus in China, despite demand worries.

US Futures at 05:45 AM ET

Dow futures were up 0.03%, S&P 500 futures gained 0.06%, and Nasdaq 100 Futures rose 0.01%.

Forex at 05:45 AM ET

The U.S. Dollar Index declined 0.16% to 104.84, USD/JPY was down 0.41% at 155.79, and USD/AUD fell 0.27% to 1.5049.

Photo by Pavel Bobrovskiy via Shutterstock