US Stocks Rise on Friday After PCE Report
The S&P 500 rose 0.5%, the Nasdaq added 0.3% and the Dow Jones increased over 260 points on Friday, as investors welcomed the latest PCE report showing inflationary pressures remained stable.
The data came in line with forecasts, with core inflation holding steady and headline PCE inflation posting a slight uptick. The results reinforced expectations that the Fed has room to cut rates further this year, with markets pricing in another move in the coming months.
On the trade front, President Trump announced a 100% tariff on branded or patented pharmaceutical products starting October 1st unless manufacturers establish plants in the US. Additional measures include a 25% duty on heavy trucks. All sectors were in the green except consumer staples.
Boeing jumped 2.8% after reports that the FAA is preparing to ease restrictions on aircraft deliveries. Intel (3.7%), Tesla (2.5%) and Eli Lilly (1.2%) were also higher. In contrast, Costco fell almost 3.5% after its results disappointed.
Source: Trading Economics
