Shares of Google parent Alphabet were largely stagnant ahead of closing arguments in a legal proceeding that will determine the changes imposed upon the company after being declared an illegal monopoly by a federal judge last year.
A key inflation report from the Commerce Department Friday morning showed that consumer prices rose just 2.1% in April compared with a year earlier, down from 2.3% in March and the lowest since September.
The Fed has left its benchmark borrowing rate steady at its last three meetings, in part due to uncertainty about how tariffs will impact prices.
Investors will be paying close attention as three Fed members are scheduled to make public comments on Friday.