04:00 PM EDT, 08/30/2024 (MT Newswires) -- US benchmark equity indexes ended higher Friday as markets assessed the Federal Reserve's preferred inflation data.

* US consumer spending rose in line with market expectations in July, while the Fed's preferred inflation metric unexpectedly held steady at the annual level, government data showed.

"This personal income and spending report was just what the Fed needed to see to further its confidence to start reducing interest rates," BMO said in a note to clients.

* The focus for the upcoming week is Friday's employment report for August, always a key release that takes on even more importance now that the Federal Reserve has shifted its attention to concerns about a weak job market.

* October West Texas Intermediate crude oil closed down $2.36 to settle at $73.55 per barrel, while October Brent crude, the global benchmark, was last seen down $1.13 at $78.81 ahead of the Labor Day holiday weekend that marks the end of the US summer driving season, with the market focused on light demand even as Libya removes supply.

* MongoDB ( MDB ) was up 18% after the database software maker lifted its full-year outlook. The move was prompted by better-than-expected fiscal Q2 results and improving consumption trends, RBC Capital Markets said in a note to clients.

* Ulta Beauty ( ULTA ) shares fell 4% as the beauty retailer posted lower-than-expected earnings and comparable sales for its fiscal Q2 and downgraded its guidance.