Global Markets Rally as Investors Await US Consumer Prices Update and Fed Meeting

Wall Street is approaching its highest level in nearly 23 months, just below its record high, as the latest inflation report shows prices in the US behaving as expected. The S&P 500 is up 0.4%, with the Dow Jones Industrial Average rising 0.5% and the Nasdaq composite up 0.6%. Big Tech stocks, including Nvidia and Meta Platforms, are leading the gains, overshadowing Oracle's 11.9% decline. The focus is on the inflation report, which indicates a slight deceleration in consumer prices. The Federal Reserve is expected to keep interest rates steady at its meeting this week, with hopes of a rate cut in 2024.