S&P 500 Hits Record High as Fed Rate-Hike Case Fades on Retail Miss

The S&P 500 closed at an all-time high of 7,798.99 on Thursday, topping the 7,800 level for the first time intraday, fueled by a softer-than-expected inflation print and a sharp repricing of Federal Reserve rate expectations following Friday's weak retail sales data.

Money Moves

• Reddit (RDDT) surged nearly 14% midday Friday after being named to the S&P 500; it replaces AvalonBay Communities (AVB) on Aug. 18.
• Consumer spending hit an air pocket...