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Stock Markets Rally , Amid Investor Hopes for , Interest Rate Cuts in 2024. On the morning of May 15, both the S&P and the Nasdaq hit all-time highs after new data suggested inflation may be easing in line with expectations. Quartz reports that the Dow Jones Industrial Average is also inching toward the record-breaking 40,000 mark, which it almost hit in March. . According to the latest Bureau of Labor Statistics data, April saw the Consumer Price Index, a key gauge of inflation, rise by 3.4%. At the same time, consumer prices increased by 0.3%, slowing slightly from March's 0.4% increase. The latest data also shows that core prices, which don't include food and energy, saw the lowest increase since April of 2021, rising just 3.6%. . As a result, investors have a sense of renewed hope that the Federal Reserve will begin to cut interest rates at some point in 2024. The latest inflation data was released one day after the Producer Price Index, which measures wholesale inflation, increased 0.5%. . Over the past year, the index has increased 2.2%. Shortly after markets opened, the Dow jumped up 147 points, hitting 39,705, while the S&P 500 and the Nasdaq saw 0.5% increases. Shares in GameStop were down 30% after experiencing a boost earlier this week by the online return of investor "Roaring Kitten."