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Stock market today: Stocks extend record-setting rally, Tesla rises ahead of Musk pay decision

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Investors are continuing to weigh signs of cooling inflation and a hawkish shift in the Fed's view on rate cuts.

US stocks rallied to a record close on Thursday as investors weighed the two-way pull of cooling inflation and a Federal Reserve pullback on interest rate cuts. The S&P 500 rose more than 0.2% to close at its latest all-time high. The Nasdaq Composite popped about 0.3%, as tech stocks led the broader charge higher. It was the fourth consecutive record close for the two indexes. Meanwhile, the Dow Jones Industrial Average fell almost 0.2%.

Traders are still pricing in two rate cuts starting in September, according to the CME FedWatch tool. Read more: How does the labor market affect inflation? On Thursday, the producer price index for May fell in what appears to be the latest sign that inflation is easing. The reading dropped 0.2% month-over-month after rising 0.5% in April.

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