U.S. stocks edge higher after fresh inflation data

U.S. stocks closed modestly higher on Friday, extending recent gains as a long-delayed inflation report showed price pressures remain elevated.

The Dow Jones Industrial Average rose 104.05 points, or 0.22 percent, to 47,954.99. The S and P 500 added 13.28 points, or 0.19 percent, to 6,870.4. The Nasdaq Composite Index increased by 72.99 points, or 0.31 percent, to close at 23,578.13.

Six of the 11 primary S and P 500 sectors ended lower, with utilities and energy leading the laggards by losing 0.98 percent and 0.43 percent, respectively. Meanwhile, communication services and technology led the gainers by rising 0.95 percent and 0.45 percent, respectively.

The latest Personal Consumption Expenditures (PCE) price index for September, released Friday by the U.S. Commerce Department after a reporting delay, showed headline inflation rising broadly as anticipated. The core PCE price index, excluding food and energy, advanced 2.8 percent year on year.

Separately, the University of Michigan's preliminary December consumer sentiment survey posted its first increase in five months.

U.S. labor market indicators continued to paint a picture of gradual cooling. A report from Challenger, Gray and Christmas on Thursday showed that U.S. companies announced 71,321 job cuts in November, the highest total for the month since 2022.

Market-based odds of a 25-basis-point rate cut at the Federal Reserve's Dec. 10 meeting stood at around 87 percent, according to the CME FedWatch Tool.

In corporate developments, Netflix shares dipped 2.89 percent after the streaming video giant agreed to acquire Warner Bros. Discovery's film and television studios along with its streaming operations in a transaction valued at approximately 72 billion U.S. dollars. Shares of Warner Bros. Discovery on Friday rose 6.28 percent on the news.

U.S. stocks edge higher after fresh inflation data

Medical supplies have rapidly dwindled in the Gaza Strip after Israel closed all crossings amid escalating tensions with Iran, leaving hospitals and patients struggling to obtain essential medicines.

Israel announced on Feb. 28 the closure of all crossings into the Gaza Strip, including the Rafah land crossing, until further notice, citing security concerns. The move halted the delivery of humanitarian aid into Gaza.

The disruption of supply routes has rapidly depleted medicine stocks across the enclave, with many commonly used drugs beginning to run out, placing mounting pressure on hospitals and patients.

Some widely used drugs have already run out at Al-Awda Hospital in central Gaza as the staff there are checking remaining supplies.

"This is your medicine, but now it's out of stock," a staff member at the hospital's pharmacy told a patient.

"This type of medicine isn't available at the hospital. I will try to find it elsewhere," said the patient.

The hospital said that more than 85 percent of medical consumables is now out of stock. Painkillers, antibiotics, surgical and anesthetic drugs, as well as diagnostic reagents, are all in severe shortage. Some commonly used medications for chronic diseases such as hypertension and diabetes have also become difficult to obtain.

"Every day the warehouse informs us that a certain medicine has run out, so we keep searching for alternatives. Patients are also looking everywhere for medicines, but often they still cannot find them," said the head of the medicine warehouse at Al-Awda Hospital.

Crossing closures leave hospitals in Gaza Strip facing shortage of essential medicines