#### Market Overview
Following a strong finish in the previous session, U.S. stock indexes exhibited a mixed performance on Friday. The Dow Jones Industrial Average surged to a new intraday record, while the tech-centric Nasdaq experienced a pullback.
As of now, the Dow has gained 422.23 points or 1.0% to reach 42,597.34. The S&P 500 has also seen a minor increase, rising 4.95 points or 0.1% to stand at 5,750.32. Conversely, the Nasdaq has declined by 50.88 points or 0.3%, putting it at 18,139.41.
This mixed showing on Wall Street follows the release of key data on U.S. consumer price inflation for August.
##### Inflation Data
The Commerce Department reported that its personal consumption expenditures (PCE) price index inched up 0.1% in August, consistent with market expectations, following a 0.2% rise in July.
Moreover, the annual growth rate of the PCE price index slowed to 2.2% in August from 2.5% in July, slightly lower than the anticipated 2.3%.
Excluding food and energy, the core PCE price index also edged up by 0.1% in August, following a 0.2% increase in July. This was below market forecasts, which had anticipated another 0.2% rise.
However, the annual growth rate of the core PCE price index accelerated to 2.7% in August from 2.6% in July, aligning with estimates.
"The August PCE report supports the Fed's decision to make a significant move on September 18. However, core year-over-year inflation at 2.7% suggests that another round of 50 basis points requires careful scrutiny, unless the labor market shows signs of weakness," stated Quincy Krosby, Chief Global Strategist for LPL Financial.
She further added, "While the Fed cannot yet claim a decisive victory over inflation, today's report—with a year-over-year headline rate of 2.2%—reinforces that overall inflation continues its downward trajectory."
These inflation metrics, favored by the Federal Reserve, were part of the Commerce Department's report on personal income and spending.
##### Sector Performance
Oil service stocks have shown a significant rebound, surging 2.6% as measured by the Philadelphia Oil Service Index, following steep declines in the preceding sessions. This rally is bolstered by a modest uptick in crude oil prices, with November delivery crude rising $0.16 to $67.83 a barrel.
Telecom stocks also displayed substantial strength, reflected in the NYSE Arca North American Telecom Index jumping 2.2% to hit its highest intraday level in over two years.
Other sectors showing notable strength include housing, steel, and transportation, while gold stocks have plummeted alongside falling precious metal prices. Semiconductor stocks have also faced pressure, contributing to the Nasdaq's decline.
##### Global Markets
In overseas trading, stock markets across the Asia-Pacific region mostly moved higher on Friday. Japan's Nikkei 225 Index surged by 2.3%, and Hong Kong's Hang Seng Index spiked by 3.6%.
European markets also trended upwards. Germany's DAX Index jumped by 1.3%, while France's CAC 40 Index rose by 0.7% and the U.K.'s FTSE 100 Index climbed by 0.5%.
##### Bond Market
In the bond market, treasuries showed modest strength following the release of the inflation data. Consequently, the yield on the benchmark ten-year note, which inversely correlates with its price, decreased by 2.1 basis points to 3.768%.
This concludes the current market overview and relevant financial updates.
