- Stocks rose in a jittery session ahead of inflation data, which will help shape views on whether a soft landing is possible amid the Federal Reserve's most aggressive tightening campaign in a generation.
- After erasing a nearly 1% rally, the S&P 500 recovered and ended a four-day selloff. The index reclaimed its 4,000 support level, which it had lost earlier in the week in a battle to stay above a key uptrend line from the October low. The Nasdaq 100 outperformed as major companies such as Microsoft and Apple recovered, and a bullish revenue forecast from NVIDIA sent the stock up 14%.
- The personal consumption expenditures index on Friday is expected to accelerate both headline and core inflation. In the run-up to the numbers, data revealed that fourth-quarter growth was weaker than previously estimated, while the Fed's preferred inflation figures were revised higher. Separate data revealed persistent labor-market tightness.
- The US economy faces challenges, but there is still hope for a soft landing, according to Jamie Dimon. "The US economy is doing quite well right now, consumers have a lot of money, they're spending it, jobs are plentiful," JPMorgan CEO Jamie Dimon told CNBC. "There's some scary stuff ahead of us."
