Stock market today: Wall Street poised for gains on strong earnings reports ahead of inflation data

abcnews.go.com:

Wall Street surged before the opening bell as a broad range of companies posted strong earnings while markets anticipated the latest inflation data from the U.S. government

Wall Street is solidly higher before the opening bell Friday as a broad range of companies posted strong earnings and new data showed that inflation continues to cool, boosting the odds for a September cut to interest rates by the U.S. Federal Reserve.

Futures for the S&P 500 advanced 0.8% while futures for the Dow Jones Industrial Average climbed 0.6%. Nasdaq futures rose 1.1% and global markets mostly gained.

The Federal Reserve’s favored inflation measure remained low last month, bolstering evidence that price pressures are steadily cooling and setting the stage for the Fed to begin cutting interest rates this fall.

Prices rose just 0.1% from May to June, the Commerce Department said Friday, up from the previous month’s unchanged reading. Compared with a year earlier, inflation declined to 2.5% from 2.6%.

Cuts to rates would release pressure that’s built up on both the economy and financial markets, and investors are thinking it would be a big boost for stocks whose profits are more closely tied to the strength of the economy than Big Tech’s.

Decker Outdoors rose 12.3% after it breezed past Wall Street's earnings expectations on the strength of its Ugg and Hoka brand footwear. The California company also raised its full-year profit guidance.

Norfolk Southern jumped 6.8% after its second-quarter results got a boost from insurance payments related to last year’s disastrous East Palestine derailment. The company also made progress in reducing its expenses and improving effeciency.

Newell Brands climbed 11.8% after the owner of Coleman camping