Stock Market Today: Us Indexes Gain After Soft Inflation Report Supports More Rate Cuts

Lucas Jackson/ReutersUS stocks rose after cool inflation data suggested more room for Federal Reserve rate cuts.The personal consumption expenditures price index increased 0.1% in August, matching estimates.Investors will focus on the September jobs report next week for further economic insights.US stocks rose on Friday after cool inflation data suggested that the Federal Reserve has more room to cut interest rates.The personal consumption expenditures price index, which is considered the Fed's preferred inflation measure, increased 0.1% in August, in-line with economist estimates.On a year-over-year basis, the PCE Index rose 2.2%, slightly below economist estimates of 2.3%.According to Bellwether Wealth chief investment officer Clark Bellin, the data shows that the Fed was right in starting its interest rate cuts with a 50 basis point move last week."The Fed feels as though it has won the battle on inflation and its primary focus is making sure the job market stays steady," Bellin said in an email to Business Insider.According to Carson Group macro strategist Sonu Varghese, investors can thank productivity for the slowdown in inflation."An underrated story over the past year and half is that investment spending by firms has increased productivity, and that's allowed for strong income gains and output even as inflation eases," Varghese said via email.Looking ahead to next week, investors will be laser-focused on the September jobs report, set to be released on Friday.Here's where US indexes stood shortly after the 9:30 a.m.