US stocks climbed on Wednesday, lifted by a global equity rally and growing expectations that the Federal Reserve will cut interest rates in September. The S&P 500 rose 0.4% to a new all-time high, the Dow Jones Industrial Average gained 259 points or 0.6%, and the Nasdaq Composite added 0.5% to extend its own record from a day earlier, AP reported.Easing Treasury yields supported the advance as investors bet on the Fed delivering its first rate cut of the year next month. Lower borrowing costs can boost asset prices and economic activity, though policymakers remain wary of reigniting inflation. “Chili’s is officially back, baby back!” Brinker International CEO Kevin Hochman said after the restaurant operator reported stronger-than-expected quarterly results, sending its shares up 7.5%.The upbeat mood followed a surge in Asian markets, their first chance to react to Tuesday’s better-than-expected US inflation data. Hong Kong’s Hang Seng jumped 2.6%, Japan’s Nikkei 225 gained 1.3% and South Korea’s Kospi advanced 1.1%. European stocks also rose, with Germany’s DAX up 0.7% and France’s CAC 40 adding 0.5%.On Wall Street, HanesBrands climbed 4.2% after agreeing to be acquired by Canada’s Gildan Activewear in a $2.2 billion cash-and-stock deal. Gildan’s US-listed shares surged 10.1%. Grocery chains fell after Amazon announced plans to offer same-day fresh grocery delivery in over 1,000 US cities and towns; Kroger dropped 4.5% while Amazon gained 1.2%.Cava Group slumped 16.8% after missing revenue expectations, trimming its 2025 sales outlook, and reporting flat guest traffic at established outlets. CoreWeave tumbled 13.2% after a wider-than-expected quarterly loss.The yield on the 10-year Treasury fell to 4.24% from 4.29% on Tuesday and 4.50% in mid-July, marking a significant retreat for the bond market. President Donald Trump has continued pressing for rate cuts to aid the economy, often criticising the Fed chair personally. However, Fed officials remain cautious, citing concerns that Trump’s tariffs could exacerbate inflation.A key US wholesale inflation report due Thursday is expected to show a slight pickup to 2.4% in July from 2.3% in June.