US stocks steadied on Wednesday as a new inflation report suggested President Donald Trump’s sweeping tariffs have not significantly driven up prices—at least for now. The S&P 500 inched up by less than 0.1% in early trading, while the Dow Jones Industrial Average dipped 23 points and the Nasdaq composite rose 0.2% at initial minutes of trading.The calm in equities came despite fresh signs of inflation, as a Labor Department report showed a slight monthly rise that was milder than economists had forecast. The bond market responded more clearly, with Treasury yields falling on the data.Global equities also gained, boosted by news that the United States and China had agreed on a framework to continue trade negotiations. The consensus follows a fragile truce reached in Geneva last month and was reaffirmed during two days of talks in London.France’s CAC 40 rose 0.3%, Germany’s DAX gained 0.1%, and the UK’s FTSE 100 advanced nearly 0.2%. In Asia, Japan’s Nikkei jumped 0.6% as wholesale inflation slowed, and South Korea’s Kospi surged 1.2%, lifted by easing tariff fears and confidence in new President Lee Jae-myung’s market-friendly policies.Trump’s earlier tariff hikes had triggered a 20% market drop just two months ago. The current rally reflects investor hopes that his administration will lower duties following new trade agreements.Still, some analysts expressed skepticism over the substance of the US-China talks. “If markets were expecting substance, they got process instead,” said Stephen Innes of SPI Asset Management, describing the London talks as reaffirming existing commitments.US Commerce Secretary Howard Lutnick, however, remained upbeat, telling reporters in London the discussions with China were going “really, really well.”Oil prices edged higher, with benchmark US crude up 24 cents to $65.22 a barrel and Brent rising 17 cents to $67.04. The dollar gained slightly against the yen but edged down versus the euro.Markets appear to be in a holding pattern, watching for clearer signals from both trade negotiators and the Federal Reserve, which remains cautious on interest rate moves amid lingering inflation and tariff uncertainty.