US equity benchmarks were pushing higher on Tuesday morning, buoyed by gains in the technology and consumer discretionary categories, which offset uncertainty following reports that US tariffs on some Chinese exports would be delayed.

In economic news, US inflation rose more than expected in July, underpinned by increases in the indexes for gasoline and shelter, prompting questions over whether the Federal Reserve will lower interest rates as much as markets have priced in over the coming months.

US Treasury prices meanwhile fell sharply after the news that the US will delay tariffs on some Chinese goods back to December from September. The long-bond outperformed after holding higher for most of the morning but fell steeply on the tariff headlines. The shorter-end led lower flattening the curve deeper into 2007 territory.

Nine of the 11 Standard & Poor’s 500 Index sectors were higher at the time of writing, led by technology, consumer discretionary and materials, 2.2%, 2.2% and 1.9% higher, respectively.

Among the gainers was Chinese eCommerce major (JD), 9.5% higher after it posted better-than-expected results for its fiscal second-quarter which were supported by double-digit growth in net product and net service revenues. Best Buy (BBY), up by 7.4%, followed by apparel retailer Gap (GPS), up by 3.6% and Dollar Tree (DLTR), 5.1% higher.

Decliners included Newmont Goldcorp (NEM), 2.7% lower, followed by United Dominion Realty Trust (UDR), down by 2.4% after it priced its offering of 7.5 million shares for estimated proceeds of approximately $350 million.

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