04:11 PM EDT, 08/13/2025 (MT Newswires) -- US benchmark equity indexes advanced Wednesday, with the S&P 500 reaching a new record high after a cooler-than-expected July inflation report from Tuesday drove bond yields lower.

* The chance of a 25-basis-point rate cut in September climbed to 99.9% on Wednesday, up from 94% the previous day and 57% a month ago, according to the CME FedWatch Tool. Investors had feared that a hotter-than-expected July consumer price index could eliminate the possibility of a rate cut, especially if tariff effects became more evident. However, a note from Deutsche Bank said markets responded positively after the CPI came below expectations, boosting confidence in a September cut and resulting in higher equity prices and tighter credit spreads.

* Mortgage applications in the US rose 10.9% last week on a seasonally adjusted basis, driven by a drop in 30-year fixed rates for conforming loans that boosted refinancing to its highest level since April, according to the Mortgage Bankers Association.

* September West Texas Intermediate crude oil fell $0.35 to settle at $62.82 per barrel, while October Brent crude, the global benchmark, was last seen down $0.32 to $65.80.

* Intapp ( INTA ) shares rose nearly 15% after the company posted stronger-than-expected fiscal Q4 results and announced a $150 million share repurchase program authorized by its board.

* KinderCare Learning Companies ( KLC ) shares fell nearly 22% after the company reported a drop in Q2 revenue and cut its guidance due to lower-than-expected enrollment, according to a note from Morgan Stanley.