Major US stock indices trade higher to kick off the new trading day

Economic Data - US economic data indicates weakness in employment with initial job claims at 263K versus an estimate of 235K [1] - Higher CPI was primarily driven by housing costs, with rent rising 0.34% month-over-month, the fastest pace since December 2024, and shelter costs climbing 0.39% month-over-month, the largest increase since January 2025 [1] - Analysts expect rent and shelter inflation to ease in the coming months as current market trends suggest housing prices are softening [1] Stock Market Reaction - The US stock market is responding positively to expectations of Fed rate cuts and AI advancements, with yields declining, particularly the 10-year yield falling below 4.00% for the first time since April 7 [2] - The S&P and NASDAQ indices closed at record levels, with any positive close today setting a new record [2] Market Winners and Losers - Notable winners include Micron (MU) up 10.79%, Synopsys (SNPS) up 7.53%, and Lam Research (LRCX) up 4.66% [3] - Significant losers include Oracle (ORCL) down 2.97%, Broadcom (AVGO) down 1.31%, and AMD (AMD) down 1.34% [3][4]