On Friday, stocks on Wall Street rose, assisted by data that showed inflation was cooling, increasing the chances of interest rate cuts short term.
The NASDAQ Composite rose 95 points, or 0.6%, the S&P 500 rose 40 points, or 0.7%, and the dow jones Industrial Average rose 550 points, or 1.4%.
The U.S. Federal Reserve’s preferred inflation gauge, the PCE price index, in June rose 0.1% on a monthly basis and 2.5% per annum, both as expected.
The Federal Reserve will meet again next week, and the central bank is generally expected to keep rates unchanged. The data kept bets intact for an interest-rate cut in September.
Tech earnings will continue next week, with Microsoft and apple due to report on Tuesday and Thursday, respectively. Prints from amazon , Qualcomm Incorporated, and Advanced Micro Devices are also due next week.
Bristol-Myers Squibb stock on Friday rose more than 7% after the drugmaker posted better-than-expected results for the second quarter, due to growth from new products such as heart drug Camzyos and anemia treatment Reblozyl as well as from blood thinner Eliquis, its top-seller.
3M Company stock surged 14% after the conglomerate increased the low end of its full-year profit forecast as it expected to benefit from increasing electronics demand and restructuring measures.
