- US stocks pushed higher Friday and were on course to break a run of weekly losses.
- The Fed's preferred PCE inflation gauge moderated to 4.9% in April.
- The Dow industrials were headed toward their first weekly win after eight weeks of declines.
US stocks rose Friday and headed toward their first weekly advance since March after government data showed signs that inflation moderated last month.
The Dow Jones Industrial Average was on course for its first weekly win after eight weeks of declines, and the S&P 500 was looking at snapping a seven-week losing streak. Equities found support from the Commerce Department's Personal Consumption Expenditures Index. The Fed's preferred inflation gauge showed core PCE rose to 4.9% in April compared with the 5.2% print in March.
Here's where US indexes stood at 9:30 a.m. on Friday:
- S&P 500: 4,088.12, up 0.75%
- Dow Jones Industrial Average: 32,687.21, up 0.15% (50.02 points)
- Nasdaq Composite: 11,901.54, up 1.37%
"Declines in prices for used cars and apparel, and slower increases across a range of services ex-housing – likely thanks to the moderation in wage growth in recent month – have eased the pressure on inflation, at the margin," said Ian Shepherdson, chief economist at Pantheon Macroeconomics, in a note. "We expect a further slowing through the second half, but the pace of the decline is heavily contingent on the speed and extent of the compression in retail and wholesale margins, on the back of the inventory rebuild."
The Dow industrials and the S&P 500 were on pace for weekly gains of around 4% and the Nasdaq Composite looked poised for a roughly 3% gain. Gains this week were fueled in part by minutes from the Federal Open Market Committee's March meeting minutes which said policy makers agreed they should "expeditiously move the stance of monetary policy toward a neutral posture," and take time to assess the impact of swift rate hikes on the economy.
Around the markets, the White House says Russia is poised to default on its bonds as its $100 million payment comes due.
China's largest oil trader is hiring tankers to carry more discounted Russian crude.
Oil prices fell. West Texas Intermediate crude was off 0.8% to $113.19 per barrel. Brent crude, the international benchmark, shed 0.6% to $113.49.
Gold edged up 0.4% to $1,854.80 per ounce. The 10-year yield fell 1 basis point to 2.74%.
Bitcoin rose 1.6% to $29,886.11.