S&P 500, Nasdaq hit all-time highs; Nike slides after bleak forecast

June 28 - The Nasdaq and the S&P 500 touched record highs on Friday after an in-line inflation report strengthened hopes for interest rate cuts in September, while Nike was set for its steepest one-day fall in over two decades after a gloomy forecast.

Bets of a rate cut in September picked up after the data, last standing at near 66%, LSEG FedWatch data showed. The S&P 500 information technology index , was the top sectoral gainer, while utilities , fell to the bottom with a 1% decline. Further, San Francisco Fed President Mary Daly acknowledged the cooling inflation, and noted that it's"good news that policy is working."

Investors also geared up for the final reconstitution of the Russell benchmark indexes during the day. Among individual stocks, optical networking gear maker Infinera , jumped 18.3% after Nokia , said it would acquire the company in a $2.3 billion deal.

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