US stocks rise as investors turn their focus to coming December inflation report

• Stocks edged up on Wednesday as traders looked ahead to December inflation data on Thursday.
• Prices are expected to have risen 3.2% year over year, running slightly hotter than the prior month.
• Bitcoin fell as investors reeled from a fake announcement that the SEC had approved a spot ETF.

US stocks rose on Wednesday as traders looked ahead to the release of inflation data on Thursday, which will give the Fed more guidance on where to take interest rates this year.

Economists polled by Dow Jones estimate consumer prices rose 3.2% year over year in December, slightly faster than in November, when prices grew 3.1%.

The report could swing expectations for Fed rate cuts this year. Markets have priced in a 66% chance central bankers could begin slashing interest rates by March, according to the CME FedWatch tool. Those odds are up from 43% a month ago.

Meanwhile, bitcoin slumped as investors reeled from a fake announcement late Tuesday that the SEC had approved a spot bitcoin ETF. The regulator's decision on whether a bitcoin ETF should be allowed is due today.

Here's where US indexes stood at the 9:30 a.m. opening bell on Wednesday: 

• S&P 500: 4,767.54, up 0.23%

• Dow Jones Industrial Average: 37,638.48, up 0.30% (113.32 points)

• Nasdaq Composite: 14,905.86, up 0.32%

Here's what else is happening today:

• Buying the S&P 500 is a "lousy" trade at the moment, according to billionaire "Bond King" Jeffrey Gundlach.
• Famed activist investor Elliott has built a $1 billion stake in Match, the online dating behemoth that owns Tinder and Hinge.
• JPMorgan CEO Jamie Dimon slammed bitcoin as worthless and a tool for criminals.

In commodities, bonds, and crypto: 

• West Texas Intermediate crude oil ticked up 0.89% to $72.87 a barrel. Brent crude, the international benchmark, climbed 0.71% to $78.14 a barrel. 
• Gold inched slipped 0.01% to $2,030.07 per ounce. 
• The 10-year Treasury yield eased two basis points to 3.992%.
• Bitcoin slumped 3% to trade around $45,190.