had to pay prices for gasoline, car insurance and everything else in April that were 3.4% higher overall than a year earlier, less than March’s inflation rate of 3.5%.
Stocks that tend to benefit the most from lower interest rates helped lead the market. Homebuilders gained on hopes that cuts by the Fed could lead to easier mortgage rates, with Lennar, D.R. Horton and PulteGroup all rallying more than 5%. Big Tech and other high-growth stocks also rode the wave of expectations for lower rates, and Nvidia’s gain of 3.6% was the strongest force pushing the S&P 500 upward.
Traders are now forecasting a nearly 95% probability that the Fed cuts its main interest rate at least once this year, according to data from CME Group. That's up from just below 90% a day before.
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