Stock market today: Wall Street opens higher as an inflation reading comes in as forecast

NEW YORK — U.S. stocks are edging higher after the latest reading on inflation came in roughly as expected, leaving open the question of when Wall Street will get the lower interest rates that it craves. The S&P 500 was 0.2% higher early Friday, though it’s still on track for its first losing week in the last six. The Dow Jones Industrial Average was up 75 points, and the Nasdaq composite was up 0.1%. Gap jumped after delivering stronger-than-expected results.

That same gauge accelerated in the first three months of 2024, disrupting what had been a steady decline and torching any notion that the Fed would start cutting rates early this year. In early trading Friday, fashion retailer Gap Inc. jumped more than 25% after it posted nearly triple the per-share profit Wall Street was expecting.

Broadly, the three major U.S. indexes — the S&P 500, Dow and Nasdaq — are on track to finish May with gains following April's wipeout. With the unofficial end of earnings season this week, investors and analysts will fixate on economic data while trying to guess if and when the Fed could potentially cut rates.

Chinese shares lost ground late in the day following an official survey showed Chinese factory activity weakening in May on slowing export orders, putting additional pressure on an economy already burdened by a prolonged crisis in the property industry.

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