Stock market today: Asian shares advance after another round of Wall St records

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Consumer Price Index,Inflation Rate,Asian Shares

Asian shares were mostly higher on Thursday after U.S. stocks rallied to records on hopes that inflation is heading back in the right direction. The optimism...

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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