U.S. stock indexes opened on a positive note on Friday, recovering from the late-day slump in the previous session. Investors are eyeing narrow weekly gains as an important inflation gauge closely monitored by the Federal Reserve indicates further signs of cooling in the month of June.
Dow Jones Industrial Average (DJIA)
The Dow Jones Industrial Average (DJIA) climbed 223 points or 0.6% to reach 35,511.
S&P 500
The S&P 500 experienced a gain of 0.8%.
Nasdaq Composite
The Nasdaq Composite advanced by 1.1%.
According to the Commerce Department’s report on Friday, the personal consumption expenditures price index (PCE) saw a modest increase of 0.2% from the previous month. Additionally, the core PCE rate of inflation, which excludes the volatile costs of food and energy, also rose by 0.2% last month.
Meanwhile, the Labor Department announced that the U.S. employment cost index, which is considered the most comprehensive measure of labor costs in the United States, rose by 1% in Q2 after a 1.2% gain in Q1.
Investors are also analyzing the latest decision by the Bank of Japan. Policymakers have stated their intention to allow “greater flexibility” in the target range for 10-year Japanese government bond yields.
It will be interesting to see how these developments impact the overall market as the week comes to a close.
