US stocks open Friday higher as key inflation cools

US stocks open Friday higher as key inflation cools

Precious metals mixed; gold adding 0.2%, silver decreasing 0.4%

By Ovunc Kutlu

ISTANBUL (AA) – The US stock market opened higher on Friday as key inflation figures cooled down in May.

The Dow Jones rose 202 points, or 0.6%, to 34,323 at 9.45 a.m. EDT (1345GMT). The S&P 500 added 42 points, or 0.92%, to 4,437.

The Nasdaq increased 175 points, or 1.3%, to 13,766 at the time.

The core personal consumption expenditures (PCE) price index, the Federal Reserve's preferred inflation indicator, rose 4.6% annually in May, down from a 4.7% year-on-year gain in April.

On a monthly basis, the index rose 0.3% in May, softening from a 0.4% monthly gain in April, according to the Commerce Department figures released earlier.

The VIX volatility index, also known as the fear index, fell 1% to 13.41. The 10-year US Treasury yield, meanwhile, shed 0.1% to 3.846%.

The dollar index trimmed 0.26% to 103.07, while the euro rose 0.44% to $1.0912 against the greenback.

Precious metals were mixed, with gold adding 0.2% to $1,912 per ounce but silver decreasing 0.4% to $22.48.

Oil prices were up around 0.5%, with global benchmark Brent crude at $74.91 per barrel and US benchmark West Texas Intermediate at $70.28.

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