S&P 500’s 44th Record Close – US Market Wrap

Wall Street traders gearing up for key inflation data sent stocks to fresh all-time highs. Treasuries retreated while the dollar notched its longest winning run in more than two years.

On the eve of a report expected to show consumer prices continued to moderate, the S&P 500 approached 5,800. The gauge hit its 44th record in 2024, with tech shares once again leading the charge. Apple climbed 1.7%. NVIDIA halted a five-day rally. Tesla edged lower ahead of the Robotaxi launch. Alphabet fell 1.5% on news the US is weighing a Google breakup in a historic big-tech antitrust case.

The S&P 500 rose 0.7%. The Nasdaq 100 added 0.8%. The Dow Jones Industrial Average climbed 1%.

The yield on 10-year Treasuries advanced five basis points to 4.06%. Oil held steady as US crude inventories swelled and traders monitored China’s plans for fiscal policy.

The consumer price index is seen rising 0.1% in September, its smallest gain in three months. Compared with a year earlier, the CPI probably rose 2.3%, the sixth-straight slowdown and the tamest since early 2021. The gauge excluding the volatile food and energy categories, which provides a better view of underlying inflation, is projected to rise 0.2% from a month earlier and 3.2% from September 2023.