Tech Stocks Rise as Inflation Eases: S&P 500 and Nasdaq Surge

The tech-heavy Nasdaq and the S&P 500 opened higher, reflecting optimism from a Federal Reserve report showing moderating inflation. This raises hopes for early interest rate cuts in 2023. Meanwhile, the Dow Jones Industrial Average slightly declined at the opening. Key tech stocks contributed to the surge.

The tech-heavy Nasdaq and the benchmark S&P 500 opened higher on Friday as a report closely watched by the Federal Reserve showed inflation moderating in line with expectations, strengthening hopes for early interest rate cuts this year.

The Dow Jones Industrial Average fell 71.67 points, or 0.18%, at the open to 39,092.39. The S&P 500 opened higher by 5.61 points, or 0.10%, at 5,488.48, while the Nasdaq Composite gained 32.41 points, or 0.18%, to 17,891.10 at the opening bell.