July 14 (Reuters) - The Standard & Poor's 500 and Nasdaq Composite indexes opened higher on Tuesday, after weaker-than-expected inflation data reinforced expectations that the Federal Reserve will take a less hawkish stance on interest rates as investors assess second-quarter results from major U.S. banks.

Data released today by the Labor Department’s Bureau of Labor Statistics showed that the Consumer Price Index rose 3.5 percent, still a high percentage, during the twelve months ending in June, after jumping 4.2 percent in May to record the largest annual increase since April 2023.

The index fell 0.4 percent month-on-month after rising 0.5 percent in May. Economists polled by Reuters had forecast the index would rise 3.8 percent year-on-year and fall 0.1 percent month-on-month.

The Dow Jones Industrial Average fell 452.3 points, or 0.86 percent, to 52,046.36. The S&P 500 opened up 21.4 points, or 0.28 percent, at 7,536.70. The Nasdaq Composite advanced 142.3 points, or 0.55 percent, to 26,015.492.