The S&P 500 is on track to end the week at a record high after a boost from slowing inflation and some AI-related stocks.

The benchmark U.S. index opened flat after closing out Thursday's session at an all-time high for the 27th time this year.

The latest leg-up for stocks came from two inflation readings that appeared to reduce pressure on the Federal Reserve to raise interest rates in September. Meanwhile, data-storage and memory stocks Sandisk, Seagate Technology and Micron have flown higher.

Before Friday's opening bell, Reddit shares jumped on news the social-media company is joining the S&P 500. Oil prices were little changed, after climbing earlier in the day after reports that at least one tanker came under attack trying to leave the Persian Gulf.

U.S. retailers logged weaker sales in July, Commerce Department data showed, and the setback extended beyond the effects of last month's cooler gasoline prices.