U.S. stock indexes moved modestly higher in early trading Friday as investors held back on major moves before the release of fresh inflation data closely watched by the Federal Reserve.

The market tone remained cautious, with traders focused on the Personal Consumption Expenditures price index, the central bank’s preferred measure of inflation. The report is expected to help shape expectations for the Fed’s next policy decisions, especially after recent signs that price pressures have been uneven.

With little conviction in either direction, many investors appeared to be waiting for confirmation on whether inflation is continuing to cool or remains sticky. That uncertainty kept trading restrained even as some large-cap names in the market posted small gains.

The day’s data could influence bond yields, interest-rate expectations and the near-term outlook for equities. For now, markets remain in a holding pattern until the new inflation figures provide a clearer signal on the economy’s path.