Stocks were set to edge higher on Wednesday, having racked up solid gains the previous session thanks to a cooler-than-expected inflation reading and news of artificial intelligence investments from Saudi Arabia.

Inflation cooled for the third straight month in April even after some of President Donald Trump’s tariffs took effect, though economists and many business owners expect inflation will climb by this summer.

Cooling inflation could shift gold prices — but other factors may have more of an impact right now. Here's why.

President Trump repeated his call for the Federal Reserve to cut interest rates after April's inflation report was cooler than expected.

German inflation eased further to 2.2% in April, the federal statistics office said on Wednesday, confirming preliminary data.

The inflation rate in Spain decreased to 2.20% in April from 2.30% in March, meeting estimates. The Consumer Price Index in Spain increased 0.60% in April over the previous month. Core consumer prices in Spain increased 2.40% in April over the same month in the previous year.

The April consumer price index, a key gauge of U.S. inflation, came in slightly lower than economists expected at 2.3% in April, but was still higher than the Federal Reserve's 2% goal. CBS News MoneyWatch correspondent Kelly O'Grady has more.