The U.S. annual inflation rate rose to 3.8 percent in April, according to new Bureau of Labor Statistics data. Economists had forecast a reading of 3.7 percent. Core inflation, which strips out the volatile energy and food prices, edged up to 2.8 percent, above the consensus estimate of 2.7 percent.

President Donald Trump is set to depart for Beijing on Tuesday for a two-day summit with Chinese leader Xi Jinping. Talks will focus on trade, technology, and security. Trump also plans to raise other issues, including Taiwan, Iran, and Russia. He also said he'll bring up the cases of imprisoned Hong Kong publisher Jimmy Lai and Chinese pastor Ezra Jin during discussions with Xi.