12:05 PM EDT, 09/27/2024 (MT Newswires) -- The Dow Jones Industrial Average and S&P 500 Index were both up in late-morning trading Friday, while the Nasdaq Composite was down slightly as investors received another batch of encouraging inflation data earlier in the day.

The Federal Reserve's preferred inflation gauge -- the personal consumption expenditure price index -- rose by 0.1%, matching expectations and slowing the year-over-year rate to 2.2% from 2.5% in July. The core PCE price index, which excludes food and energy prices, also increased by 0.1%, below the 0.2% gain expected and down from 0.2% in July. The year-over-year rate accelerated to 2.7% from 2.6% during the previous month.

In company news, Bristol-Myers Squibb ( BMY ) procured approval from the US Food and Drug Administration for its Cobenfy drug to treat schizophrenia in adults. The oral medication is designed to treat the illness by targeting cholinergic receptors instead of dopamine receptors, which has been the traditional treatment, the FDA said in a statement late Thursday. Shares of Bristol-Myers Squibb ( BMY ) were up 3.2% near noon.

Shares of Novo Nordisk ( NVO ) fell late Friday morning after JPMorgan ( JPM ) analyst Richard Vosser said in a note that the drugmaker's Q3 financial results may cause "some disappointment," according to media reports. Vosser cited the possibility of weaker-than-expected Q3 sales figures for its weight-loss drug Wegovy, according to the reports. Novo Nordisk ( NVO ) shares were down 3.4%.

Intel ( INTC ) and the US government are on track to finalize their $8.5 billion funding agreement before the end of the year, the Financial Times reported, citing people familiar with the discussions. While talks were at an advanced stage, there is no guarantee it will be finalized before Jan. 1, 2025, two sources told the FT, adding that any potential takeover of Intel's ( INTC ) business could complicate the talks. Intel ( INTC ) shares were down 0.3%.

Costco Wholesale ( COST ) reported fiscal Q4 earnings late Thursday of $5.29 per diluted share, up from $4.86 a year earlier and above the Capital IQ consensus analyst estimate of $5.06. Fiscal Q4 revenue was $79.70 billion, up from $78.94 billion in the year-ago period but below the consensus estimate of $80.03 billion. Costco shares were down 1.8%.

Price: 23.85, Change: -0.08, Percent Change: -0.31