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Investing.com — U.S. stock markets opened higher on Friday, as bond investors regained their nerve after a raft of data that failed to back up the narrative of rising inflation.
The price index for U.S. personal consumer expenditures, the Federal Reserve’s preferred measure of inflation, just a fraction above expectations in January. In year-on-year terms, it remains at a historically low level of 1.5% growth.
The figures sparked something of a rotation back into growth names over value ones, a reversal of the trend seen over most of the week.
By 9:40 AM ET (1440 GMT), the Dow Jones Industrial Average was down 79 points, or 0.3%, while the S&P 500 was up 0.5% and the Nasdaq Composite, which has borne the brunt of the week’s selling, was up 1.3%.
