12:04 PM EDT, 08/30/2024 (MT Newswires) -- Major US stock indexes were mixed during midday trading on Friday following the release of the Federal Reserve's preferred inflation gauge earlier in the day that matched economists' forecasts and further solidified investors' expectations of looming rate cuts.

The personal consumption expenditures price index increased by 0.2% in July, up from 0.1% in June, while the core PCE price index, which excludes volatile food and energy prices, rose by 0.2%, unchanged from the month prior. Both figures matched forecasts from a survey conducted by Bloomberg. Year over year, the PCE price index rose by 2.5%, unchanged from the previous month, while the core PCE price index remained at a 2.6% gain for the third straight month.

Following a three-year investigation, Chinese regulators said Friday that Alibaba Group Holding ( BABA ) had been cleared of allegations that it engaged in monopolistic practices. China's State Administration for Market Regulation said the company had corrected its practices after it had been ordered to "conduct comprehensive self-inspection and rectification" and submit compliance reports, according to a Google translation of the regulator's statement. Shares of Alibaba ( BABA ) were up 2.4% at noon.

Intel ( INTC ) is working with investment bankers Morgan Stanley ( MS ) and Goldman Sachs Group ( GS ) to navigate the best way forward following the tech company's disappointing earnings results that were released earlier this month, Bloomberg reported Friday, citing people familiar with the matter. Intel ( INTC ) is considering several options, including M&A, a split of its product-design and manufacturing businesses and scrapping some factory projects, Bloomberg reported, citing the people. Intel ( INTC ) shares were up 8.2%.

Dell Technologies ( DELL ) reported fiscal Q2 non-GAAP earnings late Thursday of $1.89 per diluted share, up from $1.74 a year earlier and above the Capital IQ consensus analyst estimate of $1.71. Second-quarter revenue was $25.03 billion, up from $22.93 billion in the year-ago period and above the Capital IQ consensus estimate of $24.12 billion. Separately, Dell is trying to sell SecureWorks ( SCWX ) again following previous failed attempts, Reuters reported Thursday, citing people familiar with the matter. The company has engaged investment bankers at Morgan Stanley ( MS ) and Piper Sandler to explore takeover interest from potential buyers, including private equity firms, the people reportedly told Reuters. Dell shares were up 3.7%, while those of SecureWorks ( SCWX ) were down 5.4%.

Amazon.com's ( AMZN ) updated Alexa will be powered by Anthropic's Claude artificial intelligence models rather than the company's own Titan AI, Reuters reported Friday, citing people familiar with the matter. Amazon ( AMZN ) plans to charge $5 to $10 per month for the upgraded version of Alexa when it is unveiled in October, and it will offer the ordinary voice assistant for free, according to the report. Amazon ( AMZN ) shares were up 1.9%.

Lithium Americas ( LAC ) and General Motors ( GM ) subsidiary General Motors Holdings have agreed to extend the deadline for GM's second tranche investment in the Thacker Pass lithium project until the end of the year, Lithium Americas ( LAC ) said Friday. General Motors Holdings has reaffirmed its commitment to invest an additional $330 million in the project and the extension of the outside date allows both parties to explore alternative investment structures and finalize a $2.26 billion loan from the US Department of Energy, Lithium Americas ( LAC ) said. Separately, GM must face a class action across 26 states alleging it knowingly sold hundreds of thousands of vehicles with faulty transmissions, a federal appeals court ruled in a decision filed Wednesday. Shares of General Motors ( GM ) were down 0.7%, while those of Lithium Americas ( LAC ) were down 6.4%.

Tesla's (TSLA) Tesla Motors Beijing will recall 870 imported Model X vehicles from Oct. 8 to check the vehicles' roof adhesive for potential safety hazards, Reuters reported Friday, citing China's market regulator. Tesla shares were up 1.7%.

Price: 83.02, Change: +2.00, Percent Change: +2.47