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Stocks lost some steam in midday trading on Friday as the S&P 500 (^GSPC) reversed earlier gains while the Nasdaq Composite (^IXIC) held higher as earnings from Amazon (AMZN) and Intel (INTC) eased worries around Big Tech and investors weighed a fresh reading on US inflation.

The tech-heavy Nasdaq, which closed Thursday deep in the red, bounced back on Friday, up roughly 0.9% while the benchmark S&P 500 (^GSPC) erased gains to trade mostly flat.

The Dow Jones Industrial Average (^DJI) dropped roughly 0.6%, or more than 180 points.

The moves come amid a tough week for stocks, which has seen the S&P 500 threaten to join the Nasdaq in correction territory amid a sell-off fueled by mixed earnings from megacap techs.

On Friday, the Federal Reserve’s preferred inflation metric showed prices continued to cool in September — a critical data point that policymakers will consider for the next interest rate decision on Nov. 1.

The Personal Consumption Expenditures (PCE) Index grew 3.4% year over year in September, in line with August’s revised increase and also in line with expectations. “Core” PCE, which excludes the volatile food and energy categories, grew 3.7%, down from the revised 3.8% from the month prior and in line with what economists surveyed by Bloomberg had expected.

Month over month, core PCE rose 0.3% in September, an uptick from the 0.1% rise seen in August, which was the lowest rate since November 2020.

The latest US GDP reading on Thursday came in hot, a sign that the Fed’s higher-for-longer stance isn’t holding back the American consumer. But some analysts are questioning how long that resilience can last, given recurring words of caution in companies’ outlooks alongside earnings.

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Stock market news today: Nasdaq pushes higher as Amazon shines, inflation continues cooling

The stock market saw a positive push today as the Nasdaq climbed higher, buoyed by strong performance from tech giants like Amazon. At the same time, inflation continued its cooling trend, providing investors with more confidence in the stability of the economy.

Amazon’s stellar performance in particular was a major contributor to the Nasdaq’s upward momentum. The e-commerce behemoth saw its stock price rise by over 1.5%, driven by strong quarterly earnings and promising future outlook. Amazon’s success is a promising sign for the overall tech sector, which has been under pressure in recent months due to concerns about valuations and regulatory scrutiny.

In addition to Amazon’s positive performance, other tech stocks also contributed to the Nasdaq’s gain. Apple, Microsoft, and Alphabet all saw gains, signaling a collective vote of confidence from investors in the future of the tech industry.

Meanwhile, inflation continues to be a key focus for investors and policymakers. The latest Consumer Price Index (CPI) data showed a modest increase of 0.3% in June, which was in line with expectations. This marks the third consecutive month of relatively moderate price increases, providing some relief to concerns about runaway inflation.

The cooling of inflation is seen as a positive sign for the recovery of the economy, as it indicates that the rapid price increases seen earlier in the year may be starting to stabilize. This has helped to ease fears of the Federal Reserve tightening its monetary policy sooner than expected, which has been a major source of uncertainty for investors in recent months.

Overall, today’s stock market news has been positive, with the Nasdaq pushing higher on the back of strong tech performance and inflation showing signs of stabilization. These developments are likely to provide investors with more confidence in the resilience of the economy, and could pave the way for further gains in the stock market in the coming days.