S&P 500 Hits Record as Bonds Fall Before Inflation: Markets Wrap

Stocks hit all-time highs on hopes the Federal Reserve will cut interest rates to curb a jobs downturn, with traders gearing up for inflation data that will test the market’s conviction.

While most shares in the S&P 500 fell, the gauge rose amid gains in all big techs but Apple Inc. - which sank 1.5% after introducing its iPhone 17, including an already expected skinnier model. In late hours, Oracle Corp. surged after posting a huge jump in bookings. A slide in bonds halted a four-day rally. Oil climbed after an Israeli attack in Qatar revived fears of an escalation of the conflict in the Middle East.