Stocks are little changed (SPY, DJI, IXIC, BRK.A, BRK.B, QQQ, IWM, USD, DXY)

Investing.com

An early rally fizzled in morning trading to leave stocks little changed.

Near 10:15 a.m. ET, the Dow was up 7 points, the S&P 500 was up 3 points, and the Nasdaq was up 15 points. 

Earlier, futures gained momentum after fourth-quarter gross domestic product (GDP) was revised upwards, to 1% from 0.7% previously reported. 

Treasury yields also advanced, as the data showed that core personal consumption expenditures — the Fed's preferred gauge of inflation — rose more than expected, by 1.3%. The benchmark 10-year yield was up five basis points to 1.757%.

Consumer-confidence data from the University of Michigan showed that consumers are upbeat about their personal finances, as the headline index jumped more than expected to 91.

And, core personal consumption expenditures, the Fed's preferred measure of inflation, rose 1.7% compared to the prior year, signaling that inflation is building some real momentum.

This data have given everyone an updated perspective on how the economy is faring, amid all the debate over whether a slowdown is materializing. 

Elsewhere, the People's Bank of China governor Zhou Xiaochuan said there is room for more monetary-policy stimulus to address downside risks. This was encouraging for markets, since China's economy has been one of the big concerns weighing on sentiment of late. 

Stocks rallied Thursday, with the Dow gaining 212 points at the close.  

At 1 p.m. ET, oil driller Baker Hughes will report its weekly count of oil and gas rigs. West Texas Intermediate crude futures rose nearly 2% to as high as $33.89 per barrel.

After the closing bell, we'll get earnings results from Berkshire Hathaway, preceding CEO Warren Buffett's annual letter to shareholders on Saturday.

Refresh this page for updates.

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