US stocks climbed at the opening bell on Friday, poised to end a wobbly week on a high note as the latest reading of the Federal Reserve's preferred inflation gauge bolstered rate-cut hopes.

The Dow Jones Industrial Average (^DJI) gained 0.5%, moving on from the record close notched on Thursday, its third this week. The S&P 500 (^GSPC) popped roughly 0.2%, and the tech-heavy Nasdaq Composite (^IXIC) jumped 0.8%.

Stocks are taking an upbeat tone into the month's end with recession fears and the early-August rout in the rear-view mirror, and a long-awaited start to Fed easing just ahead.

Wall Street welcomed the update on the Personal Consumption Expenditures index, which showed prices increased in line with expectations in July. "Core" inflation — which strips out food and energy prices — rose 0.2% month-on-month, as expected. The annual rate came in at 2.6%, matching June's level and undershooting the 2.7% forecast.

PCE inflation levels are closely tracked by the Fed, and so watched closely in turn by investors to calibrate the size and pace of interest-rate cuts this year. After Chair Jerome Powell last week made it clear a pivot can be expected in September, bets on 0.5% cut have mounted amid signs of strength in the economy. The steady level of price pressures in July kept a 0.25% move lower in play.

Meanwhile, investors are moving on from the Nvidia (NVDA) earnings watch that held markets in thrall this week. The S&P 500 and the Nasdaq Composite are on track for weekly losses after choppy trading action as techs struggled.

Chipmaker Intel (INTC) is considering splitting off its foundry and other options as the rival to Nvidia tries to stem losses. Its stock gained 5% in morning trading.

Elsewhere in tech, Dell (DELL) shares popped 4% after the hardware maker lifted its annual profit and revenue forecasts, thanks to demand for its Nvidia-powered AI servers.