Wall Street climbs after report shows prices rose less than feared, boosting chances for a rate cut

Markets on Wall Street climbed early Friday after long-awaited government data showed that inflation remained elevated but that prices rose less than feared last month. The report buttressed expectations that the Federal Reserve will offer up another interest rate cut when the central bank's officials meet next week.

Futures for the S&P 500 rose 0.7% while futures for the Dow Jones Industrial Average were up 0.5%.