Quick overview

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The S&P 500 reached record highs on Wednesday, providing positive news for investors anticipating a Fed interest rate cut next week to stimulate the economy.

The broad market index closed at a record 6,532 points, up 0.3 percent. During the day, it peaked at around a 0.7 percent gain, reaching 6,555 points, and also hit a new intraday high. The Nasdaq Composite reached an all-time intraday high before declining in the afternoon, closing at 21,886.06, up 0.03%.

The Dow Jones Industrial Average fell by 220.42 points, or 0.48 percent, closing at 45,490.92 after a decline in Apple shares following a disappointing iPhone announcement.

Most of the day’s gains had been wiped out by the end of the session, with stocks related to artificial intelligence and Oracle experiencing the largest increases. However, in the S&P 500, there were more losers than winners by the close.

Oracle and AI-related stocks saw significant gains, but much of that was lost later in the day. The Producer Price Index data showed wholesale prices fell 0.1 percent in August, initially boosting market sentiment.

The Dow Jones survey of economists predicted a 0.3 percent gain, but the actual report showed a 0.3 percent decline in the core PPI, which excludes food and energy prices. This report is encouraging ahead of Thursday’s closely watched consumer price index release, which indicates inflation in the U.S. is slowing down.

Economists forecast a 0.3 percent monthly increase in the CPI, covering both the core and headline indices. If this forecast holds, the core rate would stay at 3.1 percent, while the annual headline CPI could increase to 2.9 percent..