U.S. stocks surged late on Friday following the release of the latest Personal Consumption Expenditure (PCE) Price Index; the Federal Reserve’s preferred tool for measuring inflation.
The tech-heavy Nasdaq Composite surged by 2% during the late session, while the S&P 500 added 1%. The Dow Jones Industrial Average climbed by 0.5%.
The Personal Consumption Expenditures (PCE) Price Index released on Friday morning showed that core PCE, which excludes volatile food and energy components, rose 4.1% over the previous year – the slowest growth rate since September 2021.
Meta proved to be one of the major risers on Friday after posting second-quarter results that beat analysts’ expectations. For the year to date, Meta’s stocks have risen by over 150%.