Wall Street opens higher, reassured by inflation data

(New York) Wall Street opened higher on Friday, optimistic for the last trading day of the month after the publication of a new inflation indicator showing a calming of prices and good corporate results.


“A series of results and forecasts have been generally well received,” Patrick O’Hare of Briefing.com said in a note.

Among them, the computer chip designer Marvell Technology (+7.87%), less known than the big names in semiconductors: its results surpassed market projections, thanks to demand for artificial intelligence (AI).

Dell (+2.64%) also reported figures above analysts’ forecasts, and raised its annual targets.

Initially known for its personal computers, the Round Rock (Texas) group has transformed itself in recent years to the point of becoming today a major supplier of servers calibrated for AI.

The New York market even accelerated after the publication of the PCE price index, considered by the American central bank (Fed) as the most relevant inflation indicator.

It came out at 2.5% over a year in July, the same level as the previous month. Excluding food and energy, it reached 2.6%, which is less than the 2.7% announced by economists.

“This shows that inflation is moving in the right direction,” said Peter Cardillo of Spartan Capital. “This is good news for the Fed, which is going to cut rates in September.”


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