Stocks rose. The three major U.S. indexes were solidly in the green, led by a 1.6% increase in the tech-heavy Nasdaq. All three were also on track for quarterly and first-half gains.
Earnings reports pulled down shares. Nike shares fell after the sneaker giant missed expectations. Constellation Brands shares were up slightly after recovering from earlier declines. The maker of Modelo and Corona beer posted greater sales but a weaker profit.
U.S. bonds rose after inflation data. The yield on the 10-year Treasury note fell to 3.823%, giving up earlier gains to trade below Thursday’s close of 3.853%. A bond's yield falls as its price rises.
Traders discounted the likelihood of a July Fed rate hike. After core PCE inflation declined a bit from a month earlier, the futures market is implying a roughly 85% probability of another Fed rate increase next month, down from 90% yesterday, according to CME Group.
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