S&P 500 AND NASDAQ HIT ALL-TIME HIGHS

The Nasdaq and the S&P 500 touched record highs on Friday after an in-line inflation 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.

Data showed U.S. monthly inflation was unchanged in May, an encouraging development after the strong price increases earlier this year raised doubts over the efficiency of the Federal Reserve's monetary policy. The Commerce Department report also showed consumer spending rose marginally last month, fueling optimism that the central bank could engineer a much-desired "soft landing" for the economy.

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