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U.S. STOCKS POST MODEST GAINS, BUT MARKED UP BIG FOR THE WEEK

Wall Street's main indexes are just modestly higher early on Friday, while looking to build on this week's gains fueled by a U.S.-China tariff truce and tamer inflation data, while a vote on President Donald Trump's sweeping tax legislation is also in focus.

House Budget Committee Chairman Jodey Arrington cautioned that Friday's planned vote on the tax bill might be delayed due to opposition to the measure.

In any event, in the wake of a below expectations May UMich preliminary sentiment read, which also included 1- and 5-year inflation expectations that were greater than last month, the S&P 500 index .SPX is edging higher, and attempting to rise for a fifth-straight day. It's now down around 3.6% from its record close.

All three of the major indexes are on pace for big weekly gains: the Dow .DJI is now up around 2.7%, the SPX is up around 4.7%, and the Nasdaq .IXIC is up around 6.8%.

The small-cap Russell 2000 .RUT is up 3.8% for the week, and on track to rise for a sixth-straight week. The RUT last rose six weeks in a row in December 2023.

Here is a snapshot of where markets stood just shortly after 10:00 a.m. ET:

(Terence Gabriel)

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FRIDAY'S OTHER LIVE MARKETS POSTS:

SOME BLURRED LINES, BUT GROWTH VS VALUE EYES RECORD HIGHS CLICK HERE

SCOPE FOR EUROPE'S BANKS TO UPGRADE GUIDANCE CLICK HERE

EUROPEAN CONSUMER STAPLES' H2 RECOVERY HOPES "MAY PROVE OPTIMISTIC" - MS CLICK HERE

LESSONS FROM APRIL'S TARIFF TURMOIL CLICK HERE

EUROPE IN THE GREEN, SET FOR FIFTH WEEKLY RISE CLICK HERE

EUROPE BEFORE THE BELL: STOCKS SET TO ROUND OFF POSITIVE WEEK IN THE GREEN CLICK HERE

TRADE-DRIVEN RALLY ENDS THE WEEK WITH A WHIMPER CLICK HERE