S&P 500, Nasdaq touch record highs on cooling inflation data, Cisco earnings on tap: Yahoo Finance

Both the S&P 500 and the Nasdaq hit new intraday highs after the April Consumer Price Index report showed further signs that inflation is cooling. Consumer prices rose 3.4% from a year ago. Core CPI, which strips out more volatile food and energy prices, rose 3.6% year-over-year. Both pieces of data were in line with economists’ estimates. One stock investors are watching today is Cisco . The tech giant reports its fiscal third quarter results after the market close.

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A U.S. Department of Justice investigation into TD Bank was focused on how Chinese drug traffickers and crime groups used Canada's second-largest lender to launder their money from fentanyl sales, the Wall Street Journal reported earlier this month. Five members of the finance committee requested to discuss recent revelations regarding TD Bank and allegations of failing to report money laundering related to trafficking of fentanyl, the House of Commons committee said on Tuesday.

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