The Consumer Price Index rose 0.4% after gaining 0.1% in March, the Labor Department said, while in the 12 months through April, the CPI increased 4.9% after advancing 5.0% on a year-on-year basis in March. Futures showed the probability that the Fed will raise rates again in June slid to 13.1% from 21.9% shortly before the data's release, according to CME Group's FedWatch Tool. The likelihood the Fed cuts rates later this year increased.