Key Takeaways

Major U.S. indexes gained at midday Friday after the Federal Reserve’s favored measure of inflation came in below estimates. The Dow, S&P 500, and Nasdaq all rose more than 1%.

Shares of Carnival Corporation ( CCL ) surged after the cruise line operator beat earnings estimates and gave an optimistic outlook about bookings for future trips.

Shares of Occidental Petroleum ( OXY ) and SiriusXM ( SIRI ) also gained after Warren Buffett’s Berkshire Hathaway ( BRK.A , BRK.B ) raised its stake in both those stocks.

Eli Lilly ( LLY ) shares rose as weight-loss treatment rival Novo Nordisk ( NVO ) reported disappointing results from a study of its new experimental obesity treatment. U.S.-listed shares of Novo Nordisk plunged.

U.S. Steel ( X ) shares tumbled after the steelmaker’s current-quarter guidance missed expectations on falling prices and costs related to a factory being developed in Arkansas.

Gold prices advanced and oil futures were little changed. The yield on the 10-year Treasury note slid. The U.S. dollar lost ground to the euro, pound, and yen. Bitcoin and other major cryptocurrencies fell.

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