S&P 500, Nasdaq climb as soft inflation dampens Fed rate hike expectations ↧ ↧ S&P 500, Nasdaq climb as soft inflation dampens Fed rate hike expec... The S&P 500 and Nasdaq climbed on Wednesday, putting both on track to close out September with ​monthly gains, as a softer-than-anticipated inflation reading cooled expectations that Federal Reserve policy makers would hike rates in October.