June 28 (Reuters) - The tech-heavy Nasdaq and the

benchmark S&P 500 opened higher on Friday as a report closely

watched by the Federal Reserve showed inflation moderating in

line with expectations, strengthening hopes for early interest

rate cuts this year.

The Dow Jones Industrial Average fell 71.67 points,

or 0.18%, at the open to 39,092.39. The S&P 500 opened

higher by 5.61 points, or 0.10%, at 5,488.48, while the Nasdaq

Composite gained 32.41 points, or 0.18%, to 17,891.10 at

the opening bell.