12:10 PM EDT, 10/24/2025 (MT Newswires) -- US equity indexes broke records as consumer price inflation cooled, boosting market expectations of two interest-rate cuts this year.

The Nasdaq Composite climbed 1% to 23,179.5, after hitting a record 23,224.671 level earlier in the session. The S&P 500 advanced 0.8% to 6,793.7, also scaling a new peak of 6,801.21 intraday. The Dow Jones Industrial Average rose 0.9% to 47,155.9, posting in earlier trading an all-time high of 47,214.36.

Technology, financials, and communication services emerged as the top gainers intraday. The declining trio comprised energy, materials, and consumer staples.

The consumer price index rose 0.3% month-over-month in September, below August's seven-month high of 0.4%, according to the Bureau of Labor Statistics. A Bloomberg-polled consensus expected a 0.4% gain. Annually, inflation accelerated to 3% from 2.9% but remained below the 3.1% estimate. The annual index had fallen to a growth of 2.3% in April.

Meanwhile, growth in core inflation, which excludes the volatile food and energy components, slowed to 0.2% from 0.3%, bringing the annual core measure to 3% from 3.1%. The market expected both metrics to remain unchanged. The annual growth rate is the lowest in three months.

The probability of a 25 basis-point reduction in interest rates in December rose to 96% by Friday afternoon from 91% on the previous day, according to the CME Group's FedWatch Tool. The likelihood of a cut of the same magnitude next week is 97%.

Most US Treasury yields traded mixed, with the 10-year yield steady at 3.99%. The two-year yield slipped 1.1 basis points to 3.47%.

In company news, Ford Motor ( F ) shares jumped more than 10% intraday, the biggest gainer on the S&P 500, after the automaker reported better-than-expected third-quarter results.