Investors are preparing for the release of the consumer price index reading for June.
Earlier in the day, the S&P 500 added 1.02% to close above 5,600 for the first time, while the Nasdaq Composite advanced 1.18% to a record close. TheThese moves come before a key inflation report due to be released on Thursday morning, which could help solidify expectations for a rate cut in September.to be up 0.1% month over month, and 3.1% year over year. This would build on the positive news fromThe June core CPI, which strips out volatile food and energy prices, is expected to rise 0.
Until Wednesday, the S&P 500 hadn't seen a 1% move since June 5 – more than a month ago. That snaps a streak of 22 sessions without a 1% move, which was the longest such streak since November 2021.PriceSmartgrocery shopping
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