Investing.com - The broader stock market gained on Friday, as the G20 summit kicked off in Japan and data showed that inflation rose in May, supporting the Federal Reserve’s patient stance on changing interest rates.
The S&P 500 inched up 9 points, or 0.3%, by 9:45 AM ET (13:45 GMT). The Dow jumped 63 points, or 0.2%, and the Nasdaq composite was up 16 points, or 0.2%.
Trade is in focus, with Chinese President Xi Jinping and U.S. President Donald Trump expected to meet at 11:30 AM (2:30 GMT) local time in Osaka on Saturday (10:30 PM ET on Friday).
Meanwhile, core inflation data rose in May, according to the Commerce Department. The data support the central bank taking a cautious approach to cutting rates, despite expectations among investors and pressure from Trump.
Constellation Brands (NYSE:STZ) jumped 5.3% after earnings were better than expected due to rising sales. Procter & Gamble (NYSE:PG) gained 0.7% on an analyst upgrade, while Facebook (NASDAQ:FB) rose 0.5% and Tesla (NASDAQ:TSLA) inched up 0.1%.
Banking stocks were also higher after passing the Fed’s stress test and announcing higher dividends and buybacks as a result. JPMorgan Chase (NYSE:JPM) surged 3.1%, while Goldman Sachs (NYSE:GS) rose 3.1% and Bank of America (NYSE:BAC) was up 3.4%.
Elsewhere, Apple (NASDAQ:AAPL) slipped 0.7% after it lost its chief design officer, Jony Ive, while Nike (NYSE:NKE) inched down 0.1% after a rare earnings miss.
In commodities, crude oil inched down 0.1% to $59.37 a barrel. Gold futures slipped 0.1% to $1,410,95 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, was down 0.1% to 95.640.