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CNBC Daily Open: Wall Street hits record highs as rate cut bets

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 Nasdaqrose 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's 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. 

Unsustainable debt
CEO of JPMorgan Chase Jamie Dimon warned growing U.S. fiscal deficit is unsustainable and could lead to problems in the future if it is not addressed. "America has spent a lot of money. During Covid and after Covid, our deficit is at 6% now. That's a lot, but obviously that drives growth," Dimon told Sky News. The federal government has spent $855 billion more than it has collected so far this year, according to the U.S. Treasury Department. 

Meme stock rally fizzles
Shares of GameStop and AMC slumpedmore 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