Stocks opened in the green on Friday, signaling another record-setting trade as investors applauded ahead of revised 2023 inflation data that showed it to be even lower than initially reported. .
The S&P 500 (^GSPC) rose 0.1% after Thursday's hard-earned record close brought the benchmark above 5,000 for the first time and within three points of closing. The Dow Jones Industrial Average (^DJI) fell below the flat line, but the tech-heavy Nasdaq Composite Index (^IXIC) led the way, rising 0.3%.
Stocks have risen over the past week despite a string of strong quarterly results and a lack of economic updates. The economic update is prompting a change in direction due to its importance to the Federal Reserve's policy thinking.
read more: Impact of Fed interest rate decisions on bank accounts, CDs, loans, and credit cards
Given this situation, investors watched Friday's revision of the 2023 Consumer Price Index more closely than usual. Fed officials have emphasized that they are taking their time to ensure that price pressures have truly subsided before cutting rates.
PepsiCo's (PEP) results will be in the spotlight on Friday as the pace of corporate earnings begins to slow. Shares fell more than 2% in morning trading after the soda and snack giant's sales fell short of Wall Street expectations amid soaring prices.
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