"Stocks Rise as Fed's Preferred Inflation Gauge Meets Expectations"

The S&P 500 and Nasdaq Composite closed out the best February in nearly a decade, reaching record highs as investors digested crucial inflation data. The Personal Consumption Expenditures (PCE) index grew 2.4% year-over-year in January, matching expectations, while bitcoin held above $62,000. Earnings outlook for the first quarter remains positive, with the S&P 500 projected to have earnings growth of 4%. However, Budweiser's parent company, Anheuser-Busch InBev, saw its shares decline after posting a fourth quarter profit and record revenue but experiencing a volume decline. Additionally, chip stocks led the Nasdaq higher, and Snowflake stock dropped nearly 20% after the data cloud giant's product revenue guidance came in lower than expected.