04:59 PM EDT, 09/11/2025 (MT Newswires) -- Equity indexes hit all-time highs on Thursday as Wall Street continued to bet on an interest rate cut next week following fresh inflation and labor data.

The Dow Jones Industrial Average rose 1.4% to 46,108, while the S&P 500 climbed 0.9% to 6,587.5. The Nasdaq Composite advanced 0.7% to 22,043.1. All three indexes notched new closing highs.

Barring energy, all sectors ended higher, led by materials' 2.1% gain.

In economic news, US consumer inflation accelerated at the fastest pace in seven months in August, while the annual core rate remained above 3%, official data showed Thursday.

Weekly applications for unemployment insurance in the US hit a nearly four-year high, government data showed, adding to signs that have ignited fears about a slowdown in the labor market.

"Inflation was a touch higher than expected and tariffs are likely to keep it elevated over coming months, but the weakening of the jobs market is now the (Federal Reserve's) priority, with rising jobless claims hinting at a pick-up in lay-offs at a time when hiring is subdued," James Knightley, ING chief international economist in New York, said in a report.

The probability of the Federal Open Market Committee reducing its policy rate by 25 basis points next week was at 91% on Thursday, with the remaining odds in favor of a 50-basis-point cut, according to the CME FedWatch tool.

US Treasury yields fell, with the 10-year rate dropping four basis points to 4.01% and the two-year rate losing 1.3 basis points to 3.54%.

West Texas Intermediate crude oil fell 2.2% at $62.29 a barrel in Thursday late-afternoon trade.

The International Energy Agency lifted its projections for global oil demand growth for 2025, while raising supply forecasts as the Organization of the Petroleum Exporting Countries continues to unwind its output cuts.

Separately, the OPEC maintained its global oil demand projections, saying the world economy remained on course for robust expansion.

In company news, Opendoor Technologies ( OPEN ) shares surged nearly 80%, while Shopify ( SHOP ) gained 2%. Opendoor ( OPEN ) has appointed Shopify ( SHOP ) Chief Operating Officer Kasra Nejatian to join the real-estate tech platform as chief executive, the companies said late Wednesday.

Paramount Skydance ( PSKY ) is readying a majority cash bid for media and entertainment giant Warner Bros. Discovery ( WBD ) , The Wall Street Journal reported Thursday, citing unnamed sources. Warner Bros. shares were up nearly 29%, the top gainer on the S&P 500, while Paramount jumped nearly 16%.

Netflix ( NFLX ) shares were down 3.5%, the second-steepest decline on the S&P 500. The streaming giant's chief product officer, Eunice Kim, will depart, with Chief Technology Officer Elizabeth Stone taking over her duties on an interim basis, Bloomberg News reported Wednesday.

Gold was down 0.3% at $3,671.50 per troy ounce, while silver increased 1.1% to $42.06 per ounce.