(NASDAQ: INTC) stock is gaining ground Friday. The company's share price was up 2.9% as of noon ET, according to data from S&P Global Market Intelligence. Meanwhile, the S 500 index was up 1%.

Intel stock is climbing thanks to comments from Federal Reserve chairman Jerome Powell suggesting that the central banking authority will cut interest rates soon. In addition to being a bullish catalyst for the stock market overall, rate cuts would help improve the semiconductor company's financial health and help support its turnaround plans.

This morning, Powell said that "the time has come" for the Federal Reserve to cut interest rates. With signs that the U.S. economy is facing some strains and inflation is moving closer to the bank's 2% annual goal, the stage seems set for the central bank to cut rates next month.

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Source Fool.com