The S&P 500 edged higher on Friday, on pace for its fourth straight winning day, as traders digested inflation data that could provide further incentive for the Federal Reserve to lower interest rates next week
The Dow Jones Industrials gained 44.92 points to break for lunch at 47,895.86.
The much-broader index forged ahead 3.71 points to 6,860.83.
The NASDAQ cleared breakeven 15.37 points to 23,520.50.
Stocks are tracking to post gains for the week. The S&P 500 is up 0.4% week to date, while the NASDAQ is up almost 1% and the 30-stock Dow has added about 0.6%.
During Friday’s trading session, Netflix shares seesawed after initially seeing sizable losses earlier in the day following the company’s announcement that it struck a deal with Warner Bros. Discovery to buy its film and streaming assets for $72 billion — a transaction that’s expected to close in 12 to 18 months. Netflix shares were last 1% lower, while shares of WBD jumped 4%.
The market sorted through a fresh slate of economic releases Friday. The Commerce Department reported that the core personal consumption expenditures price index for September – which was delayed due to the record-setting U.S. government shutdown – was 2.8%, lower than the 2.9% Dow Jones estimate.
The PCE report, which serves as the Fed’s primary inflation gauge, and will give the central bank its final inflation view before Wednesday’s interest rate vote.
Also on Friday, the University of Michigan’s consumer survey, a report that provides a glimpse at sentiment as well as the view on inflation over the near and longer term, came in higher than expected for December.
The 10-year Treasury weakened, raising yields to 4.14% from Thursday’s 4.10%. Treasury prices and yields move in opposite directions.
Oil prices gained 58 cents to $60.05
Gold prices brightened $1.50 to $4,244.50.
