US stocks climbed at the opening bell on Friday, poised to end a wobbly week on a high note as the latest reading of the Federal Reserve's preferred inflation gauge bolstered rate-cut hopes. The Dow Jones Industrial Average gained 0.5%, holding around the record close notched on Thursday, its third this week. The S&P 500 popped roughly 0.2%, and the tech-heavy Nasdaq Composite jumped 0.8%.
PCE inflation levels are closely tracked by the Fed, and so watched closely in turn by investors to calibrate the size and pace of interest-rate cuts this year. After Chair Jerome Powell last week made it clear a pivot can be expected in September, bets on 0.5% cut have mounted amid signs of strength in the economy. The steady level of price pressures in July kept a 0.25% move lower in play. Meanwhile, investors are moving on from the Nvidia earnings watch that held markets in thrall this week.
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