The S&P 500 rose after data showed inflation slowed last month, lifting major U.S. stocks in Thursday trading.

The Federal Reserve’s preferred gauge put core inflation at 3.0 percent in August, lighter than many analysts expected.

Equity futures had edged lower before the personal consumption expenditures release, then reversed after the cooler reading.

The article says consumer spending stayed resilient and that consumers stepped up spending last month.

It also says some prices remained stubborn, with the Iran war still adding upward pressure.

Investors were judging whether Fed tightening is cooling costs without causing a severe downturn.

Markets are still watching later reports for clues on the Federal Reserve’s next interest-rate decision.

Read the full story on the August inflation reading and the S&P 500’s Thursday move.