US Stocks Extend Gains After Benign Core PCE Data: Markets Wrap
(Bloomberg) — US stocks extended gains after a dated reading of the Federal Reserve’s preferred inflation gauge. Treasuries are on track for their worst week since June.
The S&P 500 rose 0.4% after the data. The Nasdaq 100 climbed 0.7%. Treasuries extended losses with the yield on the 10-year hovering around 4.11%.
The core personal consumption expenditures price index, a measure that excludes food and energy, rose 0.2% in September, inline with economists expectations for a third-straight 0.2% increase in the Fed’s favored core index. That would keep the year-over-year figure hovering a little below 3%, a sign that inflationary pressures are stable, yet sticky.
Meanwhile, sentiment toward technology stocks got a boost after Nvidia Corp. partner Hon Hai Precision Industry Co. reported strong sales. Moore Threads Technology Co., a leading Chinese AI chipmaker, jumped 425% in its Shanghai trading debut. Netflix Inc. weakened after agreeing to a tie-up with Warner Bros. Discovery Inc.
A US interest rate cut next week is largely priced in with bets pointing to further easing into 2026.
In a sign that institutional appetite for the world’s largest cryptocurrency remains subdued, BlackRock Inc.’s iShares Bitcoin Trust ETF (IBIT) recorded its longest streak of weekly withdrawals since debuting in January 2024.
Investors pulled more than $2.7 billion from the exchange-traded fund over the five weeks to Nov. 28, according to data compiled by Bloomberg. With an additional $113 million of redemptions on Thursday, the ETF is now on pace for a sixth straight week of net outflows. Bitcoin fell below $91,000 on Friday.
WTI crude briefly rose above $60 a barrel. Gold headed for back-to-back gains.
Corporate News
Netflix Inc. agreed to buy Warner Bros. Discovery Inc. in a historic combination, joining the world’s dominant paid streaming service with one of Hollywood’s oldest and most revered studios. Southwest Airlines Co. lowered its operating profit target for the full year, citing the fallout from the recent US government shutdown as well as higher fuel prices. Health-care group Cooper Cos’ shares jumped in premarket trading after a guidance beat and the launch of a strategic review. Moore Threads Technology Co., a leading Chinese artificial intelligence chipmaker, soared as much as 502% in its Shanghai debut after raising 8 billion yuan ($1.13 billion) in an IPO. Nvidia Corp. would be barred from shipping advanced artificial intelligence chips to China under bipartisan legislation unveiled Thursday in a bid to codify existing US restrictions on exports of advanced semiconductors to the Chinese market. Some of the main moves in markets:
Stocks
The S&P 500 rose 0.4% as of 10:03 a.m. New York time The Nasdaq 100 rose 0.7% The Dow Jones Industrial Average rose 0.5% The Stoxx Europe 600 rose 0.4% The MSCI World Index rose 0.3% Currencies
The Bloomberg Dollar Spot Index fell 0.1% The euro was little changed at $1.1646 The British pound rose 0.1% to $1.3341 The Japanese yen fell 0.1% to 155.30 per dollar Cryptocurrencies
Bitcoin fell 1.5% to $90,807.32 Ether rose 0.1% to $3,127.22 Bonds
The yield on 10-year Treasuries advanced one basis point to 4.11% Germany’s 10-year yield advanced two basis points to 2.79% Britain’s 10-year yield was little changed at 4.44% Commodities
West Texas Intermediate crude rose 0.7% to $60.10 a barrel Spot gold rose 0.8% to $4,239.59 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Levin Stamm, Neil Campling and Sidhartha Shukla.
©2025 Bloomberg L.P.
