Salesforce Stock Surges as Tech Sector Rebounds on Cooler Inflation Data

Salesforce stock surged on Wednesday, driven by a broader recovery in tech and software stocks following cooler inflation data from the Bureau of Economic Analysis (BEA).

The personal consumption expenditures (PCE) price index grew 0.3% month over month in August, below economists' estimates of 0.4%. Headline PCE inflation held at an annual rate of 3.4%, lower than the 3.7% consensus.

This data can support tech stocks by reducing expectations for higher interest rates, easing pressure on growth-oriented companies' valuations.