A cooler-than-expected inflation report boosted stocks in the afternoon session, as investors eyed potential Federal Reserve interest rate cuts. The September Consumer Price Index showed a 3.0% year-over-year increase, slightly below the forecasted 3.1%. This softer inflation reading raised optimism for easing price pressures, increasing the likelihood of rate cuts. The positive sentiment led to a market rally, with the S&P 500, Dow, and Nasdaq hitting new record highs. Among impacted stocks, First Hawaiian Bank (FHB) saw a significant move. FHB shares, while not very volatile, dropped 3.1% this year, trading 12.4% below its 52-week high.

Read more at Barchart: First Hawaiian Bank, Coastal Financial, 1st Source, Peoples Bancorp, and Columbia Banking System Stocks Trade Up, What You Need To Know