S&P 500 Rises 0.4% as US PCE Inflation Slows to 3.4%
Updated
Updated · CNBC · Sep 29
S&P 500 Rises 0.4% as US PCE Inflation Slows to 3.4%
3 articles · Updated · CNBC · Sep 29
Summary
U.S. stocks climbed on Sept. 30 after August inflation came in cooler than expected, with the Dow up 0.1%, the S&P 500 gaining 0.4% and the Nasdaq adding 0.6%.
PCE inflation slowed to 3.4% from 3.7%, while core PCE eased to 3.0% from 3.3%—both below forecasts and enough to pull Treasury yields lower.
The 10-year Treasury yield fell to 5.23% after touching its highest level since 2007, easing one of the main pressures that had kept the S&P 500 down 0.2% for September through Tuesday.
Fed hike odds for next month dropped to 35% from 51% a day earlier, though traders still expect another increase in December as strong labor and GDP data keep policy tightening on the table.
ADP reported 90,000 private-sector jobs in September versus a 68,000 estimate, while Micron, Nvidia, Alphabet and Robinhood helped lead gains into the final session of both September and the third quarter.