Equities in the US were buoyant on Thursday, with the tech-heavy Nasdaq (^IXIC) closing at an all-time high of 16,091 points. The S&P 500 (^GSPC) and the Dow (^DJI) rose to cap off a February of gains.
Both the Nasdaq and S&P 500 had their best February’s since 2015.
An inflation measure closely watched by the Fed continued cooling last month, matching Wall Street’s expectations. The Personal Consumption Expenditures (PCE) index grew 2.4% year-over-year in January, a decline from last month’s 2.6% print. “Core” PCE, the measure most often mentioned by Fed Chair Jerome Powell, came in at 2.8%, down from 2.9% in the month prior.
The looming release of the PCE index data — the Fed’s preferred measure of inflation — had weighed on stocks all week. Policymakers have repeatedly stressed they want to see more signs of price pressures easing before committing to rate cuts.
