Wall Street stocks rose and the Dow scored a second consecutive all-time closing high today, with Tesla and Amazon climbing after fresh U.S. economic data raised expectations that the Federal Reserve will cut interest rates modestly in September.

U.S. consumer spending increased solidly in July, suggesting the economy remained strong while prices rose moderately.

“Investors are seeing another sign of being in a soft landing,” said Cameron Dawson, chief investment officer at Newedge Wealth. “It’s another one of those Goldilocks kind of reports really threading a needle right down the center. The market is really getting exactly what it wanted.”

A “just-right” Goldilocks economy has steady growth, but not too much that it fuels excessive inflation.

Amazon.com and Tesla each jumped over 3%.

Broadcom rallied nearly 4%, while Marvell Technology surged 9% after the chipmaker forecast quarterly results above estimates.

Today’s personal consumption expenditures report was the last major economic data release before the Fed’s September meeting. Chair Jerome Powell last week expressed support for an imminent policy adjustment.

Money markets suggest traders mostly expect the Fed to cut rates by 25 basis points in September, with odds of a 50 basis point cut dimming further after today’s data, according to CME Group’s FedWatch Tool.

Today ended a tumultuous month on Wall Street after signs of a sudden moderation in the labor market in early August sparked fears of a U.S. recession. The influence of the Japanese yen carry trade worsened the rout.

Shares have rebounded since then, with the S&P 500 trading near record highs.

Ahead of Monday’s U.S. stock market holiday for Labor Day, volume on U.S. exchanges was relatively light, with 11.2 billion shares traded, compared to an average of 11.4 billion shares over the previous 20 sessions.

The S&P 500 climbed 1.01% to end at 5,648.40 points.

The Nasdaq Composite Index climbed 1.13% to 17,713.62 points, while the Dow Jones Industrial Average rose 0.55% to 41,563.08 points.

All 11 S&P 500 sector indexes rose, led by consumer discretionary, up 1.9%, followed by a 1.1% gain in industrials.

For the month, the S&P 500 rose 2.3%, the Dow added 1.8% and the Nasdaq climbed 0.6%.

Nvidia rose 1.5%, rebounding from a 6.4% drop on Thursday after the artificial intelligence chip bellwether failed to match sky-high investor expectations, despite upbeat results and a broadly in-line forecast.

Ulta Beauty slid 4% after it trimmed its annual results forecasts, citing slowing demand for higher-priced cosmetics and fragrances at its stores.

Intel jumped almost 10% following a report it was exploring options that could include a merger.

Dell Technologies, another AI-related stock, advanced 4.3% after lifting its annual revenue and profit forecasts.

Shares of Trump Media & Technology Group, majority owned by former U.S. President Donald Trump, dipped 1.7% to a record low, leaving its stock market value at $3.9 billion.

Advancing issues outnumbered falling ones within the S&P 500 by a 6.6-to-one ratio.

The S&P 500 posted 79 new highs and two new lows; the Nasdaq recorded 84 new highs and 77 new lows.

Additional reporting by Johann M Cherian and Purvi Agarwal in Bengaluru.