Stocks Soar to Record Highs as Inflation Cools; Tapestry Plunges, Workday Leaps

Wall Street rallied to fresh all-time highs on Wednesday after new data showed inflation easing more than expected. 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. 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. The fashion giant cited weak demand in North America and a cautious outlook for the holiday season. In contrast, Workday, the cloud-based software firm, surged to its best day in months. Investors cheered the company’s stronger-than-expected subscription revenue and raised full-year guidance, signaling resilience in corporate spending on HR and finance tools. The mixed results underscore a market that is celebrating lower price pressures while remaining highly selective about individual corporate performance. For now, the inflation relief is the dominant story, pushing major indexes to new highs and setting a positive tone for the final weeks of the year.