The main US stock market indices opened flat following an in-line inflation reading that helped relieved some fears of persistent inflation even as oil prices were up.
The S&P 500 opened 0.16% lower at 7,508, tech-heavy Nasdaq Composite opened 0.25% lower at 26,612.14, and Dow Jones Industrial Average fell 0.37% to 50,456.10.
The personal consumption expenditures (PCE) price index rose 0.4% on a seasonally adjusted basis in April, while the 12-month inflation rate stood at 3.8%, according to the Commerce Department. Economists polled by Dow Jones had expected a 0.5% monthly increase and an annual reading of 3.8%.
The slightly softer monthly print offered some relief to markets, suggesting that pricing pressures may be gradually easing. However, inflation remains above the Federal Reserve's 2% target on a year-on-year basis, keeping the broader policy outlook cautious.
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Oil prices rebounded with West Texas Intermediate crude oil futures rose about 2% to top $90 per barrel and Brent futures rose 2% to hit $96.
Microsoft Corp. rose over 3% and Boeing Co. was up 0.77%. On the other hand Procter & Gamble Co. and Amazon.com Inc. fell over 1%.
The currencies front remained muted as the Dollar Spot Index was little changed, euro was little changed at $1.1633, British pound was little changed at $1.3417 and the Japanese yen was little changed at 159.39 per dollar.
Bitcoin, the largest traded cryptocurrency, fell 2.9% to $72,941.04.
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