The stock market continued to grind higher in Thursday afternoon trading as the S&P 500 moved another step closer to its Feb. 19 record close. The market benchmark was up 0.3%, just about 1.7% below its highest close on record of 6144.

So far, though, the duties have not driven prices higher, save for a few areas that are particularly sensitive to higher import costs.Despite widespread fears to the contrary, President Donald Trump's tariffs have yet to show up in any of the traditional data points measuring inflation.

U.S. inflation picked up a bit last month as higher prices for groceries and some imported goods were largely offset by cheaper gas, travel services, and rents.

Consumer prices rose 2.4% over the year, and the month-over-month increase was lower than expected.

Inflation moved up in May as Trump's tariffs threatened to filter into consumer prices, CPI report shows. Gasoline prices declined for fourth month

Inflation rose less than expected in May, a month when the effects of higher tariffs were starting to become more widespread.

The Consumer Price Index rose 2.4 percent in May, from a year earlier, a reading that reflects only the initial impact of President Trump’s tariffs.

Inflation is expected to accelerate in the coming months on the back of the Trump administration's import tariffs.

Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe. Sometimes it's us, Joe Weisenthal and Tracy Alloway, bringing you our thoughts on the most recent developments in markets,

Consumer prices rose 2.4% over the year in May, slightly higher than the previous month but below economists' expectations.

U.S. stocks closed lower as investors assessed little progress on trade talks, after jumping in the morning on a cooler-than-expected inflation reading. The Dow Jones Industrial Average fell 1 point to close at 42,865.77, while the S&P 500 Index lost 16.51 points to settle at 6,022.30. The Nasdaq Composite was down 99.11 points, 0.5%, to 19,615.88