NEW YORK — Most U.S. stocks rose Tuesday following an encouraging update on inflation, though drops for Eli Lilly and other influential stocks kept indexes in check.

The S&P 500 rose 0.1% as three out of every four stocks in the index climbed. The Dow Jones Industrial Average added 221 points, or 0.5%, and the Nasdaq composite slipped 0.2%.

Stocks got a boost from a report showing inflation at the U.S. wholesale level wasn’t as high last month as economists expected. It’s an encouraging signal ahead of a report coming Wednesday, which will show how much inflation U.S. consumers faced at gasoline pumps, grocery registers and auto lots in December.

Stubbornly high readings on inflation and a run of better-than-expected updates on the U.S. economy have sent Wall Street into a weekslong rut, pulling it further from the dozens of all-time highs set last year. The fear is that all the strong data will convince the Federal Reserve to deliver less relief this year through lower interest rates.

The Fed has already hinted it’s likely to cut rates just two times in 2025, down from an earlier projection of four. Speculation is growing about whether the Fed may cut rates zero times this year.

Such questions have sent Treasury yields sharply higher in the bond market, which cranks up the pressure on the stock market. Yields slowed their ascent following the update on wholesale inflation.

The yield on the 10-year Treasury held at 4.78%, where it was late Monday. It was below 3.65% in September.

The two-year Treasury yield, which more closely tracks expectations for Fed action, eased to 4.36% from 4.39%.

On Wall Street, KB Home rose 4.8% after delivering a better profit for its latest quarter than analysts expected. The rise in Treasury yields has made mortgages more expensive, but CEO Jeffrey Mezger said buyers nevertheless “continued to demonstrate a desire for homeownership and housing market conditions improved relative to last year.”

Mezger said faster build times helped the company deliver more homes in the three months through November.