Wall Street Jumps To All-Time Highs On Soft Inflation, Bond Yields Tumble, Bitcoin Soars, Meme Stocks Fac

The S&P 500 and the Nasdaq 100 indices rose to fresh record highs during morning trading on Wednesday following a broadly in-line inflation report and cooler-than-expected retail sales data for April, as traders increased their rate cut bets. Inflation calculated on the Consumer Price Index (CPI) basket came in at 3.4% year-on-year in April 2024, matching estimates and snapping a streak of three consecutive months of hotter-than-expected readings. Market-implied probabilities on the Federal Reserve enacting a rate cut as early …