Major Wall Street indexes were slightly higher by midday Friday, supported by economic data that strengthened expectations of a Federal Reserve interest rate cut next week.
The S&P 500 ticked up 0.2% to roughly 6,875 — still about half a percentage point shy of its late‑October high. Tech stocks rose 0.4%, yet remained nearly 2 percentage points below their prior peaks.
The core Personal Consumption Expenditures price index — the Fed’s preferred inflation gauge — slowed slightly, dropping from 2.9% to 2.8% year over year in September, a tad below expectations. According to the CME FedWatch tool, markets still place an 87% chance on a 25‑basis‑point cut next week.
The preliminary December consumer survey from the University of Michigan showed an improvement in the overall sentiment, up from 51 to 53.3, with inflation expectations softening further.
Among mega‑cap stocks, Adobe Inc. (NASDAQ:ADBE) surged over 5%, eyeing a sixth straight day of gains after slumping more than 50% from its January 2024 highs. Investors are …Full story available on Benzinga.com
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