(Reuters) - Wall Street jumped at the open, with the S&P 500 and the Nasdaq touching fresh record highs on Wednesday after benign consumer prices data reassured investors inflation was cooling, boosting hopes for rate cuts from the Federal Reserve later this year. $SPX #CPI pic.twitter.com/5esTQkJhn5

JPMORGAN desk: ".. Clients are worried about missing upside, not downside. .. My clients are trimming safety and adding to momentum longs.” @business $SPX www.bloomberg.com/news/articles/2024-06-12/jpmorgan-clients-are-piling-into-us-stocks-ahead-of-fed-cpi?sref=QEebQnRf

Technology dislodged Communication Services from top of YTD sectors leaderboard this week, but returns were not uniform across industries within sector; while S&P Composite 1500 Semiconductor & Semiconductor Equipment is +70% and is best performing industry so far in 2024, IT… pic.twitter.com/HDkbvGRRS6

“Rule of 20” (which suggests market is fairly valued when P/E and CPI year/year add to 20) suggests S&P 500 continues to look expensive relative to history pic.twitter.com/2OTowODfTi