CNBC Daily Open: Wall Street hits record, 'Thee rate cuts'

This report is from today's CNBC Daily Open, our new, 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 .

Wall Street hits record high
The S&P 500 and the Nasdaq rose to record highs after inflation data came in lower than expected. The Dow Jones Industrial Average jumped 350 points as investors bet the Federal Reserve may cut rates in September. All three major indexes closed at record highs. Tech heavyweights, Nvidia, Apple and Microsoft, all rose. Yields on the benchmark U.S. 10-year Treasury and 2-year Treasury dipped. Oil prices also fell. 

Inflation eases
April consumer price index rose 0.3%, slightly less than expected, while on a 12-month basis, inflation increased 3.4% in line with economists' forecasts. It's the first time this year that the data did not come in hotter than expected, increasing the prospect of a Fed rate cut sometime later this year, although inflation remains above its 2% target. 

Meme stock rally fizzles
Shares of GameStop and AMCslumped more than 18% each amid signs of the meme frenzy petering out. The craze was reignited Monday by the reappearance of "Roaring Kitty" on social media. Before Wednesday, GameStop and AMC were up 179% and 135% this week, respectively. Chart analysts are predicting the "short squeeze" could end badly. 

Buffett reveals Chubb stake
Warren Buffett's Berkshire Hathaway bought a $6.7 billion stake in Chubb, the Zurich-based insurer, finally revealing its mystery stake in a regulatory filing. As of the end of March, the property and casualty insurer became the ninth-largest holding for Berkshire, which had been keeping this purchase secret for