US stocks edged forward on Friday afternoon following the release of the Federal Reserve’s preferred inflation reading, which showed pricing pressures cooled in November.
The Dow Jones Industrial Average (^DJI) rose just above flatline. The benchmark S&P 500 (^GSPC) and the tech-heavy Nasdaq Composite (^IXIC) advanced 0.2%.
Despite the recent pause in the rally, an eighth straight week of gains is still within Wall Street’s grasp on Friday — even if the rises are likely to be slight. The S&P 500 is eyeing a fresh record high thanks to investors’ faith that the Federal Reserve will soon start bringing down borrowing costs.
A fresh read on the PCE index showed that prices excluding the volatile categories of food and energy rose 3.2% in November from a year earlier, down from October’s revised annual gain of 3.4%. Analysts had expected a 3.3% annual increase.
In individual stock moves, Nike (NKE) shares sank about 11% after the company warned it would cut jobs and expected sales to falter, thanks to weaker consumer spending. Shares of other sportswear makers fell in the wake of its revenue forecast cut.
Elsewhere, Tencent shares (0700.HK,TCEHY) plunged to lead an $80 billion sell-off in some of China’s biggest online names. Fears of another tech crackdown reignited after Beijing unexpectedly imposed new rules on gaming.
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