Stock market today: S&P 500, Nasdaq, Dow rise as Fed-favored PCE inflation data looms

Market Overview - US stocks experienced gains on Friday, with the S&P 500 rising 0.3%, the Nasdaq Composite increasing by 0.4%, and the Dow Jones Industrial Average gaining nearly 0.2% [1] - The S&P 500 is approaching a new record high after three days of modest gains, while the Nasdaq is targeting its ninth positive close in ten sessions, reflecting renewed investor confidence in risk and expectations of Federal Reserve easing [2] Federal Reserve Expectations - Investors are heavily betting on a quarter-point interest rate cut from the Federal Reserve next Wednesday, with traders pricing in 87% odds of a rate decrease, up from 62% a month ago [2] - Focus has intensified on labor and inflation data ahead of the Fed's rate decision on December 10, particularly as there was no jobs report released for the month [3] Economic Data Releases - The September reading of the PCE price index, the Fed's preferred inflation gauge, is scheduled for release on Friday at 10 a.m. ET, alongside delayed figures on personal spending and income, and the University of Michigan's consumer sentiment snapshot for December [4] Labor Market Insights - A report indicated that US companies cut 71,000 jobs in November, marking the worst performance for that month since 2022, while new weekly jobless claims fell to their lowest level since September 2022, suggesting a gradual cooling of the labor market [5] Company News - Netflix announced its acquisition of Warner Bros. Discovery's studios and streaming unit for $72 billion, following a competitive bidding process, which led to a nearly 3% decline in Netflix's stock during premarket trading, while WBD shares saw a slight increase [6] - Hewlett Packard Enterprise's stock fell almost 9% after the company provided a quarterly sales outlook that did not meet high expectations driven by AI [6]