NEW YORK: Wall Street stocks rose early Friday, rebounding from the previous session’s losses following data that showed further moderation in US inflation.
About 10 minutes into trading, the Dow Jones Industrial Average was up 0.5 percent at 35,459.14.
The broad-based S&P 500 gained 0.8 percent to 4,574.16, while the tech-rich Nasdaq Composite Index jumped 1.4 percent to 14,243.89.
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This came shortly after the Commerce Department released data showing that the Federal Reserve’s preferred gauge of inflation, the personal consumption expenditures price index, rose 3.0 percent last month from June 2022.
The figure was down from a 3.8 percent rise in May, extending a downward trend.
The benchmark is still above the central bank’s two percent target over the longer run, “yet the Fed is bound to take some solace from the recognition that it continues to move in the right direction,” said Briefing.com analyst Patrick O’Hare.
Friday’s busy earnings calendar includes results from Procter & Gamble, which jumped 1.9 percent after reporting an 11 percent rise in profits to $3.4 billion – in results boosted by price hikes.
But Ford shares dropped 4.5 percent despite lifting its full-year profit forecast following strong second-quarter results.
The US auto giant said its electric vehicle losses would be greater than expected in 2023 as it pushed back EV production targets.
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