Live3 updates

• Fri, December 22, 2023 at 3:38 PM GMT+1

  Stocks edge higher at market open

  US stocks ticked higher on the Friday before Christmas as investors took in the release of the Federal Reserve’s preferred inflation reading, which showed further cooling in pricing pressures for November.

  The Dow Jones Industrial Average (^DJI) edged up 0.1% or 40 points. The benchmark S&P 500 (^GSPC) gained about 0.3%, matching the day’s early gains of the tech-heavy Nasdaq Composite (^IXIC).

• Fri, December 22, 2023 at 2:59 PM GMT+1

  Inflation continued cooling in November

  Price increases slowed in November, according to a fresh reading of the Federal Reserve’s preferred inflation gauge.

  Core PCE rose 3.2% over the year, down from October’s revised annual gain of 3.4%. The increase was lower than the 3.3% gain expected by analysts.

  On a monthly basis, core PCE — which excludes the volatile categories of food and energy — ticked up 0.1%, flat compared to October’s revised monthly gain.

  Investors were closely watching the data’s release for signs of how quickly the central bank could bring down interest rates next year. The Fed signaled earlier this month that it would cut interest rates three times next year.

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  Fri, December 22, 2023 at 12:29 PM GMT+1

  The chase for 8

  Stocks rallied on Thursday in a rebound following Wednesday’s surprising sell-off that was the market’s worst in months.

  With Thursday’s gains — which saw the S&P 500 and Nasdaq Composite each gain more than 1% — stocks are on pace for their eighth-straight winning week during the year’s final full week of trading.

  The only thing standing the market’s way, however, is the week’s biggest piece of economic news.

  At 8:30 a.m. ET, the Personal Consumption Expenditures Price Index will be released, a report which includes the Fed’s preferred inflation measure, core PCE.

  This gauge is set to show prices rose 3.3% over last year in November and 0.2% over the prior month.