By Johann M Cherian and Purvi Agarwal | Colorado Springs Gazette
Wall Street’s main indexes rose on Friday and were set for monthly gains after a key inflation report reiterated moderating price pressures, cementing bets for an interest-rate cut at the U.S. Federal Reserve’s upcoming meeting in September.
The Personal Consumption Expenditure index, the central bank’s preferred inflation gauge, rose 2.5% in July on an annual basis compared to an estimate of 2.6%, according to economists polled by Reuters. On a monthly basis, it rose 0.2% as expected.
Among rate-sensitive megacaps, Amazon.com and Microsoft gained 1.3% and 0.7%, respectively. Chip stocks rose; Broadcom added 3.4% and Advanced Micro Devices climbed 1.4%, aiding the Philadelphia SE Semiconductor index’s 2.2% rise.