Stock market today: Dow touches 40,000 as stocks hover at record highs

US stocks climbed Thursday with the Dow Jones Industrial Average crossing 40,000 for the first time ever as markets added to Wednesday's record-setting rally. Along with the Dow's push to a new price milestone, the S&P 500 climbed 0.2% after closing above 5,300 for the first time on Wednesday. The tech-heavy Nasdaq Composite also gained 0.2%. Stocks rallied on Wednesday after new data showed signs of cooling inflation, which spurred bets on a Federal Reserve rate cut in September.

Bets on a Fed rate cut in September rose to over 70%, per the CME FedWatch Tool, amid rising speculation about an easing as soon as July. Read more: How does the labor market affect inflation? Investors also jumped into bonds, sending the 10-year Treasury yield down near one-month lows at around 4.33%. On the corporate front, Walmart posted quarterly profits, revenue, and same-store sales that beat Wall Street estimates. Shares of the US retail giant gained as much as 6%.

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