On July 3, 2024, the New York Stock Exchange saw the S&P 500 and Nasdaq reaching record highs as investors eagerly awaited key inflation data to determine the sustainability of this year's market rally. Despite the Dow Jones Industrial Average finishing slightly lower, the overall market trend remained positive. Market optimism was driven by hopes of easing inflation leading to a potential Federal Reserve interest rate cut. Data on the June consumer price index and producer price index due later in the week were expected to further support these hopes. Labor data from the previous week indicated a cooling jobs market, prompting expectations of a rate cut. Traders anticipated two rate cuts in 2024, with the first expected in September. Overall, strong economic and earnings growth, along with potential interest rate cuts, were seen as supportive factors for equities. Companies like PepsiCo, Delta Air Lines, Citigroup, and JPMorgan Chase were set to announce their earnings, keeping investors on their toes.