Reuters US stocks traded mostly higher on Friday, with all 3 major indices sitting just below record highs. A cool April CPI report buoyed hopes of Fed interest rate cuts later this year. Investors will look to see if the gains can spill over into next week, which is set to be a busy one for AI developments. The Dow Jones Industrial Average closed above 40,000 for the first time on Friday, closing out a strong week of gains fueled by upbeat inflation data midweek.