The S&P 500 notched a new record close, briefly punching above 7,800 intraday before settling at its highest level ever. U.S. consumer prices rose just 0.1% month-over-month and 3.4% year-over-year in July, cooling from June’s 3.5% annual reading. These softer-than-expected inflation figures pushed traders to pull back bets on a Federal Reserve rate hike in September. The Nasdaq Composite climbed 0.5% to 0.8%, driven by a broad tech rally, while Cisco Systems plummeted nearly 10% after disappointing results.
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