All three major US stock indexes were up in late-morning trading on Friday after the Federal Reserve's favorite inflation gauge, released earlier in the morning, matched market expectations.

The personal consumption price index rose by 0.3% in January, as expected, slowing the year-over-year rate to 2.5% from 2.6%. The core PCE price index increased by 0.3%, also matching expectations, while the year-over-year rate slowed to 2.6% from 2.9% in the prior month.

In company news, Dell Technologies (DELL) late Thursday reported Q4 non-GAAP net income of $2.68 per diluted share, up from $2.27 a year earlier and above the FactSet analyst consensus estimate of $2.52. Fourth-quarter revenue was $23.93 billion, up from $22.32 billion a year earlier but but below the FactSet estimate of $24.57 billion. For fiscal Q1, Dell projects non-GAAP EPS of $1.65 on revenue of $22.5 billion to $23.5 billion. Analysts are looking for $1.90 and $23.63 billion, respectively. For fiscal 2026, Dell projects non-GAAP EPS of $9.30 on revenue of $101.0 billion to $105.0 billion. Analysts expect $9.36 on revenue of $103.42 billion. Dell shares were down 5.8% around midday.

Microsoft (MSFT) said Friday it is shutting down its Skype calling messaging service on May 5. The company will allow Skype users to move to Microsoft Teams for free on any supported device using their Skype credentials, Jeff Teper, president of Microsoft 365 Collaborative Apps and Platforms, said in a blog post. Microsoft shares were down 0.6%.

Intel (INTC) said it is delaying its $28 billion semiconductor project in central Ohio, this time until 2030, with operations starting in 2030 or 2031, The Columbus Dispatch reported Friday. Intel shares were up 2.9%.

The Trump-appointed leadership at the Consumer Financial Protection Bureau plans to fire nearly all of its 1,700 workers and "wind down" the agency, according to testimony of current and former employees. The testimonies were made as part of the complaint filed by the union representing CFPB workers against acting CFPB director Russell Vought following his decision to fire about 200 probationary and term employees, according to a CNBC report.

Citigroup (C) mistakenly credited $81 trillion, instead of $290, to a client's account in April 2024 due to an input error and interface issues with the backup system, the Financial Times reported Friday, citing an internal report and sources familiar with the matter. The error was missed by two employees and was detected by a third employee 90 minutes after the transaction was posted, and the error was reversed after several hours, according to the report. Citi shares were down 0.5%.

Price: 389.72, Change: -2.81, Percent Change: -0.72