S&P 500 opens higher Friday, aims to end week at a record ahead of big Fed policy update

U.S. equity benchmarks rose modestly early Friday, looking to end the week on a positive note after the S&P 500 logged a record close despite another round of hotter-than-expected inflation data. Investors are now looking to the start on June 15 of the Federal Reserve's two-day policy meeting. The S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.37% was heading 0.1% higher at 4,244, the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.80% gained 0.3% at 34,552, while the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP -0.25% advanced less than 0.1% at 14,022. The U.S. economic calendar is light following Thursday's inflation fireworks. A preliminary June consumer sentiment index reading is due at 10 a.m. Eastern. On Thursday, stocks and government debt rallied, despite data that showed the rate of U.S. consumer inflation over the past year escalated to a 13-year high of 5% from 4.2% in the prior month. That put it at the highest level since 2008, when the cost of oil hit a record $150 a barrel. Before that, the last time inflation was as high was in 1991. In corporate news, meme stocks remain in focus, with shares of AMC Entertainment Holdings Inc. /zigman2/quotes/200235402/composite AMC +0.84% up more than 6% in premarket trading Friday, after falling 22.2% over the past two sessions. The stock and other meme stocks, took a hit Thursday after GameStop Corp. /zigman2/quotes/203755179/composite GME -5.49% .