NEW YORK — Stocks are rising on Wall Street following a positive report on inflation. The S&P 500 rose 0.5% early Friday and the Nasdaq is up 0.7%. The Dow Jones Industrial Average is up 160 points, or 0.4%, a day after setting an all-time high. An inflation measure closely tracked by the Federal Reserve remained low last month, keeping the central bank on track to cut rates at its upcoming meeting. Chipmakers were broadly higher, led by Marvell Technology, which was up 7.
Dell also beat analysts' second-quarter forecasts, boosted by record server and networking revenue as companies continue to beef up their artificial intelligence infrastructure. Its shares rose 4.4% in premarket. The key report this week comes later Friday, when the U.S. government releases its July data on inflation with the PCE, or personal consumption and expenditures report. Economists expect the PCE, which is the Federal Reserve’s preferred measure of inflation, to show that inflation edged up to 2.6% in July from 2.5% in June. It was as high as 7.1% in the middle of 2022.
Japan’s benchmark Nikkei 225 added 0.7% to finish at 38,647.75 after data on the world’s fourth largest economy came in mostly positive.
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