CNBC Daily Open: Dow soars 700 points to record close

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe  here .

Dow scores another record
The Dow Jones Industrial Average rose more than 700 points to close at another record high as the bull run appeared to broaden. The small cap-focused Russell 2000 rose for the fifth straight day, rising 3.5%. The S&P 500 gained 0.64%, while the Nasdaq inched up 0.2% as tech was left out of the rally. The yield on the 10-year Treasury slipped and U.S. oil prices also declined. 

100% certainty 
Traders are now certain that the Federal Reserve will cut interest rates by September, with a 93.3% probability of a quarter percentage point cut and a 6.7% probability of a half percentage point cut. This certainty stems from the recent consumer price index update, which showed annual inflation slowing to 3%, the lowest in three years. A month ago, the odds of a September rate cut were only around 70%.

Gold hits record high
Gold prices surged to a record on rising expectations of an interest rate cut in September. Investors are turning to gold as a safe haven amid softer inflation data and dovish comments from Fed Chair Jerome Powell, boosting the likelihood of rate cuts this year. Gold futures settled up 1.6% higher at an all-time closing high of $2,467.8 per ounce. The precious metal also reached a fresh intraday record high of $2,474.5 during the session. Spot gold mirrored this surge, jumping 1.9% to hit an all-time high of $2,468.68 an ounce, according to LSEG data dating back to 1968. You can read more here as Ray Dalio, the founder of the world's largest hedge fund