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US stock markets all rose turned positive in Friday’s New York trading session, due to better-than-expected earnings reports.

• Wall Street experienced a positive turnaround on Friday, with the Dow gaining over 100 points and set to close the month with its best performance since January.
• Better-than-expected earnings reports from Exxon Mobil and Intel allayed concerns about potential economic slowdown caused by the Federal Reserve.
• However, the Nasdaq 100 remained under pressure due to declines in shares of Amazon.com and Meta Platforms.
• There is speculation that the Federal Reserve will announce a quarter-point increase in its benchmark interest rate at its upcoming meeting based on the latest data on Personal Consumption Expenditures and rising labor costs.

The E-mini S&P 500 rose by approximately 0.7%, initially encountering selling pressure around the upper value extreme for the month. However, the developing trend for the month ultimately provided support for buyers. Investors speculated on economic data, as the PCE price index eased and employment costs rose, keeping the market range-bound around the intraday volume-weighted average price (VWAP) level. Nonetheless, investor sentiment appeared to indicate a general agreement regarding easing inflation, which ultimately propelled the market upwards above the developing value area for the month. Core buyers were subsequently able to add to their positions around the intraday VWAP level.

Meanwhile, the dollar index rose by around 0.1%, as the market turned its attention back to economic data, which helped to support equity and commodity prices, such as crude oil and gold.

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