November's inflation cooled to 2.7%, raising hopes for a year-end 'Santa Claus rally' and potential 2025 Fed rate cuts. While the S&P 500 maintains double-digit YTD gains led by tech, retail sentiment remains cautious, with 40% of traders expecting a flat or negative finish. The market is now in its fourth year of a bull run, significantly outperforming 2022 lows.