Stock Market Today: Stocks higher on soft April inflation data

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U.S. equity futures turned higher Friday while Treasury yields and the dollar moved firmly lower, as investors looked to close out a losing week on Wall Street while picking through key inflation data prior to the start of trading.

Updated at 8:54 AM EDT

Inflation progress ... sort of

The Fed's preferred inflation gauge eased modestly last month, with core pressures rising 0.2% and the year-on-year reading holding at 2.8%, suggesting at least a morsel of progress in the Fed's fight to slow consumer price pressures.

Stock futures moved firmly higher following the data release, with futures tied to the S&P 500 suggesting a 20 point opening bell gain and those linked to the Dow Jones Industrial Average indicating a 97 point advance

Benchmark 10-year note yields eased 3 basis points to 4.526% following the release, while 2-year notes eased to 4.918%.

The U.S. dollar index, which tracks the greenback against a basket of six global currencies, was marked 0.27% lower at 104.431.

2.75% Core PCE is the lowest since March 2021 pic.twitter.com/WIL0HfhkOW— Mike Zaccardi, CFA, CMT