Wall Street's main indexes rose on Tuesday, with the S&P 500 and the Nasdaq at record highs after data showed inflation rose broadly in line with expectations in July, bolstering expectations that the Federal Reserve could lower interest rates next month.

Falling gas prices helped keep overall inflation tame in July; however, a broader array of products got even more expensive last month, showing that President Donald Trump’s expansive tariffs are being passed along to consumers.

A gauge of underlying inflation in July showed prices increasing at the fastest annual pace in five months, a sign that businesses are passing along tariff-related costs to customers.