US Stocks Rise as Fed-Favored PCE Inflation Print Boosts Rate-Cut Hopes

US stocks climbed, ending a wobbly week on a high note as the latest reading of the Federal Reserve's preferred inflation gauge bolstered rate-cut hopes. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all gained.

Investors moved on from the Nvidia earnings watch, while Intel is considering splitting off its foundry and Dell lifted its annual profit and revenue forecasts. Stocks are taking an upbeat tone into the month's end with recession fears and the early-August rout in the rear-view mirror, and a long-awaited start to Fed easing just ahead, with bets on a 0.5% cut or a 0.25% move lower in play, as Chair Jerome Powell made it clear a pivot can be expected in September.