The final results of the session indicate that the technology-heavy Nasdaq index rose by 0.14% and the broader S&P 500 increased by 0.32%, both surpassing their all-time highs to reach 21,713.14 and 6,466.58 points, respectively. The Dow Jones Industrial Average climbed 1.04%.
“The market is probably a bit overvalued, but there’s a lot of momentum and euphoria right now,” stated Peter Cardillo of Spartan Capital Securities.
The market remains dynamic, bolstered by hopes for an interest rate cut by the Federal Reserve following its September meeting, added the analyst.
Investors are particularly calm following the release of the Consumer Price Index, which met market expectations for July.
The indicator alleviated concerns about the impact of tariffs on price increases, leading investors to strengthen their bets on a rate cut.
According to the CME’s monitoring tool, a significant majority of market participants now anticipate a 0.25 percentage point rate cut in September, compared to slightly more than 0.5 percentage points in the previous month.
Treasury Secretary Scott Bessent expressed support today for a 0.5 percentage point cut in rates after the Fed’s next meeting.
Investors are now awaiting the release of the Producer Price Index on Thursday, followed by retail sales and a consumer confidence index on Friday.
These data “should allow investors to refine their expectations regarding future rate cuts,” noted Sam Stovall of CFRA in a statement.
In the bond market, around 8:10 PM Lisbon time, the 10-year U.S. government bond yield significantly dropped to 4.23%, down from 4.28% at Tuesday’s close.
In the stock market, U.S. cloud computing startup CoreWeave fell 20.83% to $117.76 despite generally better-than-expected results, including a second-quarter revenue of $1.21 billion.
The company stated that its growth is being limited by difficulties in expanding its capacity while demand remains strong.
The cryptocurrency exchange Bullish made a notable debut on the New York Stock Exchange today. The initial share price was set at $37, with the company closing the trading day at $69.97.
