Stock Market Today - 6/6: Dow Ends Slightly Higher as Treasury Yields Top 3%; Amazon Gains After 20-for-1 Split

Investors moved into a week devoid of profits and economic data focused squarely on inflation forecasts in the world's largest economy, with stocks ending modestly higher and the currency gaining against its foreign peers.

US stocks closed higher on Friday, but the S&P 500 is still down 13.8% for the year. The tech-heavy Nasdaq finished up 0.40%, while the Dow Jones ended with a gain of 16 points.

The global average inflation rate now sits at a record 9.2%, up from 9.1% in July.

However, overall economic growth continues to surprise to the upside. Manufacturing activity grew at a faster-than-expected rate last month after an upturn in the US economy.

The Commerce Department's May CPI data provides policymakers with a final glimpse at inflation momentum as they consider the implications of the Fed's June policy meeting, which begins on June 12.

Analysts expect a headline reading of 8.3 percent, basically unchanged from April, with monthly and annual core prices moderately declining.

The Fed's target rate is currently at a range of 1.25% to 1.5%. Traders are wondering if inflation pressures will accelerate -- leading to bigger hikes in the near-term -- or moderate.

Japan's Nikkei share index ended the day 0.56% higher, paced by the energy sector, at 27,985.89 points. China shares got a boost, however, with renewed bets of fresh stimulus from Beijing helping to lift the region-wide MSCI benchmark.

The Stoxx 600 index in Europe rose 0.9% by the close of trading in Frankfurt, while the FTSE 100 in the UK was marked 1% higher. Despite reports of a 'no-confidence' vote on Prime Minister Boris Johnson's leadership, the UK stock market closed up 1%.

In the U.S., benchmark 10-year Treasury notes yields lurched higher, to 3.04%, while the dollar index was marked 0.25% higher.

Tesla Inc. climbed 1.6 percent after CEO Elon Musk appeared to backtrack on her earlier warning about job cutbacks at the clean-energy automaker over the weekend.

Amazon.com, Inc. Report shares were also up 2% ahead of their first day of trading following a 20-for-1 stock split last week, which launched the company at $125.24 per share.

Apple's stock jumped 0.5 percent today as the tech giant's much-anticipated developers conference got underway at its California campus. Apple (AAPL) is a technology company based in Cupertino, California.

Shares in Eli Lilly rose after the drugmaker revealed final findings from a major clinical trial. Results showed a reduction in heart failure risk for individuals with type-2 diabetes.