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Nasdaq 100, S&P 500 Hit New All-Time Highs, Airlines Jump: What's Moving Markets Tuesday?

Wall Street is in full rally mode after July’s inflation data eased fears that tariff-related cost pressures were widespread. The headline Consumer Price Index (CPI) came in below expectations, holding steady at 2.7% year-over-year and fueling speculation of upcoming interest rate cuts.

JETS ETF is moving fast. Check the chart here.

However, the core CPI, which excludes energy and food, jumped from 2.9% to 3.1% annually, topping estimates of 3%.

Both the S&P 500 and the Nasdaq 100 indices broke past new record highs at 6,430 and 23,780 points, respectively. The Dow Jones gained nearly 500 points, or 1%, while small-cap stocks stole the show, with the Russell 2000 jumping 2.2%.

While gasoline continued to slump and provided a negative contribution to the headline reading, other consumer expenses, such as transportation, medical care services, and used cars, showed the highest monthly increase.

Airline fares, in particular, jumped 4% on a month-over-month basis, causing a rally in airline stocks. The U.S. Global JETS ETF (NYSE:JETS) soared 6%, with United Airlines Holdings Inc. (NASDAQ:UAL) and Delta Air Lines Inc. (NYSE:DAL) both up by 9%, making them ...