U.S. stocks gained on Tuesday after a strong October retail sales report and better-than-expected third-quarter results from Home Depot and Walmart signaled the U.S. consumer is still ramping up spending even in the face of rising prices.

The S&P 500 gained 0.39% to 4,700.90.

The latest retail sales figures for October showed consumers were increasing their spending, with sales jumping 1.7%. That compares to a 0.8% increase in the prior month. The report showed broad strength in a number of categories from autos to sporting goods. Online sales were up 10.2% from a year ago. The gains came even as consumer prices surged 6.2% year-over-year last month, inflation not seen since the 1990s.

Investors await more retail earnings Wednesday from Target, Lowe’s, TJX, Bath & Body Works and Victoria’s Secret. Other major companies reporting results Wednesday include Cisco Systems and Nvidia.
 

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Stock futures were little changed in early morning trading on Wednesday ahead of earnings reports from big-box retailers Target and Lowe’s.

The moves in futures trading come after fresh economic data and corporate earnings signaled U.S. consumers are ramping up spending despite rising prices.

The Nasdaq Composite rose 0.76%.

Retail sales rose 1.7% in October, the Commerce Department reported Tuesday, faster than economists expected. The figure measures how much consumers spend on goods across a number of categories.

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