A softer-than-expected April inflation report and cooler retail sales data sparked broad-based rallies in risky assets Wednesday, as traders grew more confident in the likelihood of Fed rate cuts this year. Both the S&P 500 and the tech-heavy Nasdaq 100 indices opened the session at fresh record highs, completing their rebound after April’s temporary dip. Chart of The Day: S&P 500, Nasdaq 100 Rise To All-Time Highs As Inflation Looks Less Scary What Happened: The headline Consumer Price Index (CPI) inflation slowed from 3.5% to 3.4% year-over-year in April 2024, matching estimates. On a monthly basis, it decelerated from 0.4% to 0.3%. When excluding energy and food items, core inflation cooled from 3.8% to ...