Stocks Soar to Record Highs as Inflation Cools, Dollar Crashes Below 100

Wall Street and European markets rallied to fresh all-time highs on Wednesday after new data showed US inflation easing more than expected, pushing the dollar below the key 100-point level for the first time in months [218209][218630]. The Dow Jones Industrial Average, S&P 500, and Nasdaq all closed at record levels, buoyed by hopes that the Federal Reserve will soon begin cutting interest rates [218209].

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The softer inflation reading also led traders to push back their expectations for the next interest rate hike, with most market participants now believing the central bank will wait until December before raising rates again [218630]. The dollar’s decline makes US goods cheaper for foreign buyers and is seen as a positive sign for emerging markets [218630].

The relief rally was broad, but not every company shared in the gains. Tapestry, the parent company of Coach and Kate Spade, saw its shares tumble sharply after reporting disappointing quarterly earnings, citing weak demand in North America and a cautious outlook for the holiday season [218209]. In contrast, Workday, the cloud-based software firm, surged to its best day in months after investors cheered the company’s stronger-than-expected subscription revenue and raised full-year guidance [218209].

In Europe, major stock indexes ended the day with small gains, though London’s FTSE 100 fell behind as mining stocks dropped after Antofagasta, a major copper producer, lowered its production forecast for the year [218225][218630]. Asian markets closed with no clear direction, with Japan’s Nikkei rising slightly but China’s Shanghai Composite falling [218630].

Investors remain cautious due to ongoing uncertainty in the Middle East, which continues to keep oil prices volatile [218630]. Analysts say the combination of easing inflation and geopolitical risk is creating a fragile balance in global trading floors [218630].

Sources

Stocks Soar to Record Highs as Inflation Cools; Tapestry Plunges, Workday Leaps #218209Dollar Drops Below 100 as US Inflation Cools, Fed Rate Hike Delayed #218630European Stocks Rise, But London Dips as Miner Antofagasta Slashes Output Target #218225

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