Wall Street Off to Mixed Start Friday

NEW YORK (AP) -- Stocks wavered in morning trading on Wall Street Friday, but remain on track for their best week of the year.

The S&P 500 was mostly unchanged. It is coming off four straight gains and a record high close.

The Dow Jones Industrial Average fell 64 points, or 0.2% as of 10:07 a.m. Eastern. The Nasdaq composite rose 0.1%. Both indexes also set record highs a day earlier.

Investors had several big earnings reports with mixed results to review. Package delivery company FedEx jumped 8.2% after easily beating analysts' expectations. Athletic apparel company Lululemon Athletica sank 16.5% after giving a weaker-than-expected forecast.

Reddit fell 7.7%, a day after making solid gains in its debut as a publicly traded stock. The eclectic bazaar of online communities offered its stock at an initial price of $34 a share and gained 48.4% on Thursday.

Treasury yields fell in the bond market. The yield on the 10-year Treasury fell to 4.21% from 4.27% late Thursday. The yield on the two-year Treasury fell to 4.59% from 4.64%.

Stocks gained ground this week as the Federal Reserve held its latest meeting on interest rate policy. The central bank held its benchmark interest rate steady, as expected, and said it still expects to make three rate cuts this year. The Fed's statement helped calm worries about whether it would trim plans for rate cuts this year.

Inflation has been cooling since it peaked in 2022, though reports so far this year have show it is hotter than Wall Street expected at this point. The Fed is carefully watching inflation's path ahead as it moves closer to potential interest rate cuts, which Wall Street expects to start in June.

The next big inflation update is due next week when the U.S. reports personal consumption and expenditures data for February. It is the Fed's preferred measure of inflation.