Rate cut hopes gained steam on another strong day on Wall Street, but inflation data and weekly jobless claims could swing sentiment.

Stock markets across the world opened to a sea of green on Wednesday after the US stock market rallied to records on the back of lower inflation as compared with June figures, although overall, prices of goods have been rising steadily since the beginning of the year.

Paramount Skydance emerged as a potential meme stock on Wednesday, with the shares soaring 60% during the session.