Stock market today: Widespread gains send Wall Street higher as it closes a shaky week

U.S. stocks are rising as they close out a turbulent week dominated by sharp, market-breaking swings. YOU&OP 500 rose 0.6% on Friday following stronger-than-expected earnings reports from 3M and other major companies. The Dow Jones Industrial Average added 287 points and the Nasdaq Composite rose 0.9%. Market gains were widespread, including Big Tech giants and smaller stocks. That’s a departure from much of this week, where the divide between the handful of elite stocks that previously dominated the market this year and nearly everyone else has deepened. Treasury yields fell after the latest inflation update confirmed expectations of upcoming rate cuts.

THIS IS A BREAKING NEWS UPDATE. The previous AP story follows below.

Wall Street is solidly higher ahead of Friday’s opening bell, with a wide range of companies posting strong earnings and new data showing that inflation continues to coolincreasing the likelihood of a September interest rate cut by the US Federal Reserve.

Futures for S&OP 500 advanced 0.8%, while Dow Jones Industrial Average futures rose 0.6%. Nasdaq futures rose 1.1% and global markets mostly gained.

The Federal Reserve’s preferred measure of inflation remained low last month, reinforcing the evidence that price pressures are steadily easing and setting the stage for the Fed. start cutting interest rates this fall.

Prices rose just 0.1% from May to June, the Commerce Department said Friday, above the unchanged reading from the previous month. Compared to the previous year, inflation fell from 2.6% to 2.5%.

Rate cuts would release built-up pressure on both the economy and financial markets, and investors think it would be a big boost for stocks whose profits are more closely tied to the strength of the economy than those of Big Tech.

Decker Outdoors rose 12.3% after beating Wall Street earnings expectations on the strength of its Ugg and Hoka footwear brands. The Californian company also raised its profit forecast for the full year.

Norfolk Southern Jumped 6.8% After Second Quarter Results I got a boost of insurance payments related to last year disastrous derailment in East Palestine. The company also made progress in reducing expenses and improving efficiency.

Newell Brands rose 11.8% after the owner of Coleman camping supplies and Sharpie markers easily beat analysts’ profit targets. Its shares are still down about 18% this year.

Continuing losses to Nvidia and most of the Big Tech stocks that were primarily responsible for the S&The P 500’s run to records this year has weighed on the market recently. They fell a day earlier after earnings reports from Tesla It is Alphabet discouraged investors, raising concerns that the market frenzy around artificial intelligence technology has raised prices too much.

I want a handful of shares known as the “Magnificent Seven” are rising or falling has a huge impact on Wall Street because they have grown enormously in market value. This gives your stock moves extra influence on the S&P 500 and other indices.

In Europe at midday, Germany’s DAX was up 0.4% and the CAC 40 was up 0.9%. In London, the FTSE also advanced 0.9%.

In Asian trading, Tokyo’s Nikkei 225 index gave up early gains, falling 0.5% to 37,667.41. It sank 3.3% the day before amid strong selling in many world markets.

Tokyo’s main consumer price index rose 2.2% in July, rising for the third consecutive month to its highest level in four months, raising expectations that the Bank of Japan may raise its benchmark interest rate to close to zero at a policy meeting next week.

Hong Kong’s Hang Seng rose 0.1% to 17,021.31, while the Shanghai Composite index also rose 0.1% to 2,890.90.

S of Australia&OP/ASX 200 rose 0.8% to 7,921.30, while the Kospi in Seoul rose 0.8% to 2,731.90.

Taiwan’s Taiex sank 3.3% as it reopened after markets were closed on Thursday due to a typhoon. I was following the pullback on Wall Street on Wednesday, which was the S&The P 500’s worst drop since 2022. Taiwan Semiconductor Manufacturing Corp. plummeted 5.6%, following continued declines in large technology companies.

In Bangkok, the SET rose 0.9%, while India’s Sensex gained 1.4%.

Benchmark U.S. crude oil fell 28 cents to trade at $78 per barrel on the New York Mercantile Exchange.

Brent crude, the international standard, lost 36 cents to reach $81.03 per barrel.

The US dollar rose to 154.54 Japanese yen from 153.93 yen. The euro rose to $1.0864 from $1.0847.

On Thursday, most US stocks rose after a surprisingly strong report on the US economy raised hopes of profits from smaller companies’ other previously unloved areas of the market.

YOU&OP 500 lost 0.5% after Wednesday’s drop, while the Dow rose 0.2% and the Nasdaq Composite fell 0.9%.

The Russell 2000 index of smaller stocks jumped 1.3%. It’s up 8.6% this month, versus a 1.1% loss for big S stocks&P500.