Stock market today: Wall Street drifts ahead of Fed, inflation data

The S&P 500 was 0.5% higher in afternoon trading, coming off its fourth straight winning week. The Dow Jones Industrial Average was up 89 points, or 0.3%, at 33,966, as of 2:01 p.m. Eastern time, while the Nasdaq composite was 1% higher.

A halt or a pause to hikes would give the economy and financial markets some breathing room. The Fed has already pulled rates to their highest level since 2007 in hopes of driving down inflation, and the increases have helped cause high-profile U.S. bank failures and a month-long contraction in the manufacturing industry.

But much of that easing would simply be because of how high prices had already climbed, and Wall Street traders are still bracing for the Fed to resume hiking rates in July. The question is how much further it will go beyond that.

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