The S&P 500 and the NASDAQ ended the month at record levels despite a higher-than-expected mid-month CPI report pushing out expectations for Fed rate cuts. Healthy reports for both earnings and economic growth as well as enthusiasm for the impact of artificial intelligence added a fourth month to the rally. Meanwhile, an end of the month PCE inflation report met expectations but added to the notion that rates may stay higher for longer leading to a significant rise in mid- and long-term rates.