Major U.S. equity indices hit all-time highs as the current bull market celebrated its third anniversary since the October 2022 bottom. The CPI report brought softer-than-expected inflation data, which supported expectations for a Federal Reserve rate cut at the upcoming meeting and reinforced a supportive backdrop for risk assets. Earnings season continued, with most reporting S&P 500 companies beating estimates and looks poised to mark the ninth consecutive quarter of earnings growth. Market breadth improved across US large and small caps, with most stocks trading above their 200-day moving averages, suggesting broader participation as the market rally continues.

Crude oil prices rebounded sharply after recent declines, while gold saw its first weekly setback in over two months. The government shutdown continues, delaying most economic releases except for the CPI report. Despite mid-week volatility and ongoing trade tensions, market sentiment remained bullish. Potential for higher shot-term volatility exists with notable upcoming events such as tech earnings, the Trump/Xi trade meeting, and this week’s FOMC decision. Overall, the foundation of the bull market appears solid, with resilient earnings and supportive monetary policy driving optimism laying the groundwork for continued gains into 2026.