All major indices are rallying higher, with the S&P 500 and Nasdaq making new highs. The move shows great resolve in the market despite this morning’s mixed inflation report.

Investors still, overwhelmingly, believe September will see a rate cut.

Only Real Estate (XLRE) and Utilities (XLU) are in the red. Meanwhile, Communication Services (XLC) is in the lead, with Paramount Skydance (PSKY) as the best performing stock in the sector, which is now trading with a new ticker symbol after the merger completed last week.

Trump’s Comments

Trump took to Truth Social earlier this morning to tout his tariff’s success and call out some of the tariff fear mongers who refuse to admit defeat.

He also reiterated his call for lower interest rates and indicated that he will allow a lawsuit against Chair Powell to move forward.