US tech stocks gain in mixed global moves as inflation lingers

Oct 27 - Global shares were mixed on Friday, with technology giants outperforming, while benchmark Treasury yields and the dollar saw little change as data confirmed U.S. inflation remained high, but in line with forecasts.

With spending seen cooling off in early 2024 as savings accumulated during the COVID pandemic run dry, most economists believe the Federal Reserve is done raising interest rates, though risks of a rate hike remain. Shares of Amazon.com advanced 7% after beating sales estimates, while Intel jumped 9.4% after the chipmaker signaled personal computer market rebounding from a quarters-long slump. Chevron fell about 6% after the oil major reported a drop in third-quarter profit.

SOFT LANDING? The yield on the 10-year U.S. Treasury, which moves inversely to the price of the debt security and functions as a benchmark for global borrowing costs, was little changed at 4.866% after crossing 5% earlier in the week. The Fed is widely expected to keep its funds rate in a range of 5.25%-5.5% next week, although Chair Jay Powell has said a strong economy and tight jobs market could warrant more rises.

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