Stocks Rebound as Oil Prices Ease, Inflation Data Stays Stable

US stocks rebounded on Friday after oil prices eased and inflation data came in near expectations. The S&P 500 climbed 1% and was on track to break a four-day losing streak, while the Dow Jones Industrial Average rose 479 points or 0.9%. The Nasdaq composite also gained 1.2%.

The pullback in oil prices helped ease pressure on inflation, which remains high but stable at 3.4% higher than last year. This was close to economists' expectations and gave the Federal Reserve reason to hike interest rates next week, a move that could slow down the economy and combat inflation.

However, longer-term yields eased, indicating investors see upcoming rate hikes as a way to control inflation over time. The yield on the 10-year Treasury fell to 4.93% from 4.95% late Thursday.

Kroger rose 4.2% after reporting stronger profits than expected, while Oracle added 0.7% following its own quarterly report. ACV Auctions soared 44.3% after Copart agreed to buy the company for $10.50 per share.