The stock market closed the week higher as investors awaited the Federal Reserve’s next interest rate decision. Both the S & P 500 and Nasdaq gained nearly 1% over the past five sessions, hitting record highs multiple times. Inflation data influenced market sentiment, with expectations for a rate cut in September rising.

Cisco Systems beat analysts’ expectations in its fiscal fourth quarter, driven by strong revenue growth in its networking business. Despite a revenue miss in the security division, the Club maintained a buy rating and $78 price target. Shares fell after HSBC downgraded the stock, citing lackluster performance.

Several Club holdings reached record highs during the week, including Goldman Sachs, BlackRock, Broadcom, Nvidia, and Meta Platforms. Portfolio moves included buying more Starbucks and Palo Alto Networks shares, selling Coterra Energy, and changing ratings on Salesforce and Eli Lilly.

The Club downgraded Salesforce to a hold-equivalent 2 rating due to generative AI headwinds, but shares rose after activist investor Starboard Value increased its stake. Eli Lilly was double upgraded to a buy-equivalent 1 rating after insider buying. Health-care stocks, including Lilly, saw a boost, with shares jumping 12%.

Read more at CNBC: Why Wall Street kept sending the S&P 500, Nasdaq to fresh records this week