Stock market news today: Fed's preferred inflation gauge cools further

US stocks trade mixed as the Fed's preferred inflation gauge shows further cooling

US stocks opened mixed on Friday, as the Federal Reserve's preferred inflation gauge showed more cooling.

The personal consumption expenditures index was up 5% year over year in December. The core PCE, which excludes volatile food and energy prices, increased by 4.4%, down from November's annual pace of 4.7% and in line with forecasts. Households also showed signs of cutting back spending last month, and investors are hopeful that the dimming economic picture means the central bank can be more inclined to slow rate hikes further at the next policy meeting on January 31 and February 1.

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