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U.S. stocks rallied on Tuesday as investors digested a cooler-than-expected inflation print.

By midday trading, the Dow Jones Industrial Average (^DJI) surged more than 450 points, or around 1.3%, as the tech-heavy Nasdaq Composite (^IXIC) jumped roughly 2%. The benchmark S&P 500 (^GSPC) rose around 1.8%.

The small cap Russell 2000 (^RUT) index also soared following the data with the index enjoying its best day in about a year.

The 10-year Treasury yield (^TNX) dropped a whopping 17 basis points to trade near 4.46%, while the 30-year Treasury yield (^TYX) declined roughly 11 basis points to 4.63%.

On the corporate side, Home Depot’s (HD) quarterly results showed a smaller-than-expected decline in same-store sales. The home improvement retailer will lead out reports from the likes of Target (TGT) and Walmart (WMT) this week. While consumer spending has held up in the face of higher borrowing costs, that hasn’t translated to a boost for retail stocks broadly.

Elsewhere, eyes are watching for signs of warming relations between the US and China at the APEC summit in San Francisco, where President Joe Biden and his Chinese counterpart Xi Jinping are set to meet face-to-face on Wednesday. They are expected to announce an agreement for China to crack down on the manufacture and export of fentanyl, Bloomberg reported.

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