4:10pm: S&P 500 closes at record high
The S&P 500 has closed above the 5,000 mark for the first time in history.
At the close of trading Friday, the index had reached nearly 5,027 points for a 0.6% gain on the day.
Elsewhere, the Nasdaq finished strongly, up 1.3% at 15,991 points, while the Dow fell behind opening levels to close at 38,672 for a 0.1% loss on the day.
12:10pm: S&P 500 trading at record high
At midday, the S&P 500 remained on track to close above 5,000 points for the first time.
The index had added 0.2% or 12 points at 5,009 points while the Nasdaq had gained 0.9% at 15,933 points.
The Dow Jones, however, was trading 0.4% lower at 38,573 points.
'While several US stock indices are trading in new record highs, their European peers find it difficult to keep up', IG senior market analyst Axel Rudolph said in a statement.
Major movers included cloud services provider Cloudflare, which had added about 22% at $110 following the release of its 4Q earnings report.
9:45am: S&P 500 pushes above 5,000 after unrevised CPI data
The S&P 500 broker opened above the 5,000 mark, after brieflt topping the mark late Thursday, after figures showed minimal revisions to US CPI data.
Shortly after the opening bell, the Dow Jones Industrial Average was down 0.1% at 38,697.56, the S&P 500 was up 0.2% at 5,005.51 and the Nasdaq Composite was up 0.3% at 15,842.43.
Consumer prices excluding food and energy items rose at a 3.3% annualized rate in the final three months of 2023, matching the previous reading, Bureau of Labor Statistics data showed.
Revisions to the headline figure were also minimal, though December’s monthly increase was marked down to a 0.2% advance instead of 0.3%.
Paul Ashworth at Capital Economics said the revision to the seasonal factors used to generate the seasonally adjusted CPI data "turned out to be a damp squib, with the new factors almost identical to the old ones."
"Nevertheless, since some Fed officials were apparently worried about a repeat of last year - when the revision pushed up the monthly changes in core prices in the final few months of last year - the lack of any meaningful change this year, at the margin at least, supports an earlier May rate cut," he suggested.
Ian Shepherdson at Pantheon Macroeconomics agreed, pointing out the figures were in "stark contrast to last year’s revisions, which meaningfully altered the picture for the worse."
7:00am: Stocks set for modest gains ahead of CPI revisions
Stocks in New York are expected to open modestly higher as the S&P 500 tries to push beyond 5,000.
In pre-market trading, futures for the Dow Jones Industrial Average were up 0.1%, while those for the S&P 500 rose 0.2% and contracts for the Nasdaq 100 futures advanced 0.3%.
Ahead of the open, the Bureau of Statistics will release CPI revisions, which consists of the revised month-over-month CPI figures for the past five years, incorporating some adjustments.
In corporate news, results from Pepsi are out, with shares down 1.7% in pre-market trading.
Elsewhere, Lorie Logan, president of the US Federal Reserve’s Dallas branch, will participate in a keynote conversation as the round of ‘Fedspeak’ continues.