(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

“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

Relative to S&P 500, regional bank industry has been struggling again … ratio getting close to retesting last year’s lows [Past performance is no guarantee of future results] pic.twitter.com/IZzRmVjBq2

Over the last 16 years, US stocks have gained 457% vs. 96% for International stocks and 48% for Emerging Markets. This is by far the longest cycle of US outperformance that we’ve ever seen. bilello.blog/newsletter pic.twitter.com/FvYiy6eK8G