Dow Jumps 700 Points on Inflation Data, Tech Stocks Rebound

US stocks rose Friday, with the Dow up over 700 points, as investors welcomed new inflation data showing the PCE index and core PCE rising at a slower pace, solidifying expectations for interest rate cuts. Stocks are poised for a comeback after recent volatility and losses driven by Big Tech earnings, including from Apple, Microsoft, Amazon, and Meta, undermining confidence in the AI trade and spurring an exodus from megacaps into small cap stocks, as a surprisingly hot GDP print eased concerns..

Tech giants Meta, Microsoft, Pfizer up. Diabetes firm Dexcom tumbles on weak Q2, outlook. 3M, Mohawk, Charter gain big. Deckers Outdoor, Hoka and Uggs parent, beats earnings, raises guidance. Transport Norfolk Southern, healthcare Centene also advance. Key economic data shows improving inflation, with PCE and core PCE price indexes rising, and consumer spending climbing.