Stocks rose in intraday trading on Friday though the stocks were on pace to fall for a second consecutive week as a volatile tech sector has traders questioning the valuations of some tech behemoths.
Consumer prices in the U.S. rose for a third month in August, up 0.4% and higher than consensus forecasts, following July's increase of 0.6%. Core CPI, which excludes food and energy costs, rose 0.4% and topped forecasts of 0.2%. The year-over-year core inflation rate of 1.7% was higher than July's 1.6%.
And of course, there were earnings. Peloton posted a fiscal fourth-quarter profit of 27 cents a share on sales of $607.1 million, a jump from year-earlier revenue of $223 million. The company's connected-fitness-subscription base doubled from a year earlier to more than 1.09 million.
Kroger, the nation’s largest grocer, posted stronger-than-expected second-quarter earnings as a surge in online food sales during the peak of the coronavirus pandemic boosted its bottom line.
Chewy posted better-than-expected second-quarter revenue, as online sales of pet products rose thanks to the effects of stay-at-home orders caused by the COVID-19 pandemic.
Oracle topped estimates on earnings and revenue. For its fiscal first quarter, which ended in August, the company reported 2% growth in revenues to $9.4 billion and GAAP EPS of 72 cents per share, up 16%. Analysts were expecting sales of $9.17 billion and GAAP earnings of 67 cents per share.
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