Stock market today: Dow, S&P 500, Nasdaq surge to records as tame inflation cements Fed rate cut bets

Market Overview - US stocks reached record highs, with the Dow Jones Industrial Average rising 1% (over 450 points), S&P 500 gaining 0.8%, and Nasdaq Composite increasing by 1.2% [1] Inflation Data - September inflation data showed a 3% annual increase in the Consumer Price Index (CPI), the highest since May but below the forecast of 3.1%. Month-over-month, prices rose 0.3%, slightly lower than August's reading and expectations [2] Economic Impact - The CPI report was delayed due to a government shutdown and provided a crucial economic update. Investor confidence remains high for a Federal Reserve rate cut, with 99% of bets on a quarter-point cut next week and 96% expecting another cut in December [3] Corporate Developments - Intel's shares experienced a pullback after reporting third-quarter revenue that exceeded Wall Street estimates. The company's head of investor relations expressed confidence in its potential role in the AI sector [4][5]