The S&P 500 Index ($SPX) (SPY) Friday closed up +1.59%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +1.39%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.62%. March E-mini S&P futures (ESH25) are up +1.45%, and March E-mini Nasdaq futures (NQH25) are up +1.47%.
On Friday, stock indexes ended a volatile session moderately higher and found support after the US Jan core PCE index, the Fed’s preferred inflation gauge, matched expectations. The Jan core PCE index rose +2.6% y/y, matching the smallest annual pace of increase in nearly 4 years, bolstering speculation the Fed will be able to cut interest rates this year. The favorable inflation news also lowered the 10-year T-note yield Friday to a 2-1/2 month low. In addition, a rebound in chip stocks Friday from Thursday’s sell-off helped the Nasdaq 100 recover from a 3-1/4 month low and move higher.
