Wall Street rebounds in early trade after inflation report

NEW YORK (AP) — Stocks are opening higher and bond yields are falling as investors cling to strands of hope in a mostly discouraging report on inflation. The S&P 500 was up 0.9% in the early going following back-to-back losses, and parts of the market that had been beaten down the most in recent days, like technology stocks, were leading the way. The government reported that inflation was still at its highest level in 40 years last month, driven in particular by soaring gas prices, but the reading was relatively close to economists’ expectations, and actually slowed unexpectedly on a month-over-month basis, after taking out food and fuel costs.