Stock market today: Stocks drift on Wall Street after inflation continues to ease

Stocks on Wall Street gave up early gains and edged lower in afternoon trading Friday, following a closely watched report that showed inflation continues easing.

Investors are hoping that cooling inflation will prompt the Federal Reserve to start cutting interest rates, which remain at their highest level in more than 20 years.

The S&P 500 index was down 0.1%, hovering around its all-time high. It remains on track to notch a fourth straight weekly gain. The Nasdaq composite fell...