Major indices in the US stock market opened higher Tuesday as investors are hoping that record-high inflation has peaked and could fall in the coming months.

The Dow Jones industrial average was up 128 points, or 0.37%, to 34,436 at 9.33 a.m. EDT. The S&P 500 added 27 points, or 0.62%, to reach 4,440.

The tech-heavy Nasdaq increased 144 points, or 1.1%, to 13,558.

Annual consumer inflation in the US rose 8.5% in March -- the largest 12-month increase since December 1981, according to the US Department of Labor.

While annual prices for energy and gasoline soared 32% and 48%, respectively, prices for natural gas and electricity jumped 21.6% and 11.1% year-on-year, according to the Labor Department.

Investors are hoping that consumer prices in the US have reached their highest levels, mostly due to the soaring commodity prices and Russia's war on Ukraine, and hoping that they would begin their decline next month.

The yield on 10-year US Treasury notes jumped to 2.836% at 0800 GMT, its highest since December 2018.

The dollar index was unchanged at 99.93 at 9.36 a.m. EDT, while the VIX volatility index, known as the fear index, was down 4.3% to 23.33.

Precious metals were up, with gold adding 0.75% to $1,968 per ounce and silver rising 0.8% to $25.3.

Crude oil prices jumped more than 5%.

Global oil benchmark Brent crude was trading at $104.02, up 5.6%, while US benchmark West Texas Intermediate (WTI) was at $99.48 with a 5.5% gain./aa