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2h ago

Stocks Gain After PCE Data as Intel Jumps on Reported Apple, TSMC Outreach and Boeing Rises on Big Orders

Fresh inflation data and a weaker sentiment reading steered expectations for the Federal Reserve’s next moves.

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Overview

  • U.S. major indexes finished higher Friday as investors assessed August inflation and late-month consumer sentiment figures.
  • PCE inflation rose 2.7% year over year in August with core at 2.9% and the monthly pace at 0.3%, while University of Michigan sentiment was revised down to 55.1.
  • Intel shares climbed more than 5% after reports said the company approached Apple for a potential investment and also reached out to TSMC.
  • Boeing advanced nearly 4% after Turkish Airlines outlined purchases including 75 787s and up to 150 737 MAX jets, and Norwegian Group ordered 30 737 MAX aircraft.
  • Silver topped $46 per ounce and gold advanced as WTI crude approached $66 a barrel on Russia-sanctions concerns, while Bitcoin stayed below $110,000 and fell over 5% for the week.