Stocks moved slightly higher Friday, but are on pace to snap a five-week winning streak after a hotter-than-expected inflation reading came out Wednesday.
The Dow Jones Industrial Average rose about 70 points, or 0.2%. The S&P 500 gained about 0.2% and the Nasdaq Composite added 0.3%.
Dow component Johnson & Johnson saw its shares rise more than 1% following a Wall Street Journal report that the company is splitting in two. Johnson & Johnson is reportedly breaking off its consumer health division into a separate publicly-traded company.
The major averages are on track to close the week lower after the hottest inflation report in 30 years. The Dow and the S&P 500 are both down nearly 1%, while the Nasdaq Composite is about 1.4% lower.
Fresh data out Friday morning underscored persistent inflation fears.
Consumer sentiment in early November dropped to its lowest level in a decade, the University of Michigan reported Friday. Many survey respondents cited inflation concerns, according to the report.
