S&P 500 Rises as Cooler August PCE Inflation Report Eases Fed Hike Fears

U.S. stocks climbed on Wednesday as softer-than-expected inflation data relieved investor concerns over near-term Federal Reserve interest rate hikes. The benchmark S&P 500 opened higher by 18.1 points, or 0.24%, at 7,688.99 before rising 0.3%. August's headline Personal Consumption Expenditures price index increased 0.3% month-over-month against a 0.4% forecast, while the Core PCE index rose 0.2%, below the anticipated 0.3%. Headline gains were driven by a 4.4% surge in energy, offsetting flat grocery and vehicle prices. Separately, September ADP private payrolls added 90,000 jobs, beating expectations.