Market Highlights

Wall Street traders drove stocks higher and bond yields fell as more evidence of moderating inflation reinforced bets the Federal Reserve will refrain from raising interest rates next month. Back-to-back gains in equities drove the S&P 500 to a record. The Nasdaq 100 added 1.15%. Money markets priced in less than a 40% chance of a September Fed hike. While Treasuries rose, the US sold 30-year bonds at the highest rate in a quarter of a century — a testament to investors’ demand for compensation to financethe nation’s deficit. Oil dropped to around $81 Global stocks headed for a third straight weekly gain as investors returned to the artificial intelligence trade and cooling US inflation bolstered bets that the Federal Reserve would refrain from raising interest rates.