Stocks traded in the green at the start of the day on Friday, pointing to another record session as investors cheered a revision to December inflation data that showed it was even lower than initially reported.
The S&P 500 (^GSPC) rose 0.1% after Thursday’s hard-won record close put the benchmark index within three points of finishing above 5,000 for the first time. The Dow Jones Industrial Average (^DJI) fell below the flat line, while the tech-heavy Nasdaq Composite (^IXIC) led the way higher, gaining 0.3%.
A stream of well-received quarterly earnings has boosted stocks in a lean week thanks to economic updates, which have been driving changes in direction thanks to their importance to the Federal Reserve’s thinking on policy.
Read more: What the Fed’s rate decision means for bank accounts, CDs, loans and credit cards
As a result, investors followed Friday’s consumer price index revisions more closely than usual. Federal Reserve officials have emphasized that they are taking time to verify that price pressures are truly easing before making any interest rate cuts.
PepsiCo (PEP) results took center stage Friday as the pace of corporate earnings begins to slow. Shares fell more than 2% in morning trading after the soft drink and snack giant’s sales missed Wall Street estimates amid price increases.