The tech-heavy Nasdaq climbed Tuesday, led by gains in rate-sensitive growth and chip stocks, as traders held on to bets that the Federal Reserve will cut rates in the coming months following inflation data.

The Dow Jones Industrial Average rose 113.66 points, or 0.29%, at the open to 38,883.32.

The S&P 500 opened higher by 16.36 points, or 0.32%, at 5,134.30, while the Nasdaq Composite gained 97.71 points, or 0.61%, to 16,116.98 at the opening bell.