Stocks continue to trend higher following earnings, cooling inflation print

Stocks continue to move higher Friday afternoon as inflation data in the Personal Consumption Expenditures (PCE) index shows some cooling.

Video transcript

- Let's get you up to speed on this afternoon's market action, and taking a look at the three major averages still holding onto gains, as you can see across the board. You're looking at the Dow up 171 points. You're looking at the S&P up just around 0.6%, nearly 0.7%. The NASDAQ, the outperformer of the day. And that, of course, has been the story this week. The Dow, up for the week, up just about 2%, S&P up nearly 3% for the week. The NASDAQ, the outperformer there, on track for the best month that we have seen since July.

Of course, the big story today being earnings, some of that econ data that we got out this morning. But earnings, Intel, really in focus, a large drop there, really, what that signals for the rest of the chip makers, Jared?

JARED BLIKRE: Yeah, let's get you up to speed on Lucid Motors. This is our EV board, and boy, what a lot of green. Now here is Lucid today, up, up, and away. You can see it nearly doubled in price, still up almost 50%. And that was after seven volatility halts and the news the Saudi private-- public investment fund, thinking of buying out the EV maker, the Tesla competitor. They already own two thirds of it.

And while we haven't heard any rumors of funding secured just yet, if this sounds a little bit familiar, guess what? The Saudis were the ones who were supposedly about to buy Tesla back in the day. And we know how that trial is ongoing right now. Suffice to say this is a SPAC that came to market under a lot of excitement, got caught up in the meme stock mania two years ago. Here it is today, up 33%, guys.