The S&P 500 hit a record Friday morning, rebounding from a market rout triggered by President Donald Trump's sweeping tariffs.

The gains, which came as US and Chinese representatives confirmed progress towards a trade deal, restored the S&P 500 back into its heights from before Trump's "Liberation Day" tariff announcements set off a wave of volatility in early April.

Near 1415 GMT, the broad-based S&P 500 stood at 6,177.02, up 0.6 percent, an intraday record.

The Dow Jones Industrial Average rose 0.7 percent to 43,707.66, while the tech-rich Nasdaq Composite Index climbed 0.6 percent to 20,292.49.

On Friday, China confirmed details of a framework agreement with the United States, saying Washington would lift "restrictive measures" while Beijing would "review and approve" items under export controls.

The announcement follows earlier rounds of negotiations between the two sides in Geneva and London. Beijing had emerged as the White House's biggest target following Trump's early April announcement, which initially set Washington on course to radically scale back global trade.

Trump has since suspended the most onerous elements of his trade overhaul, while still implementing the biggest US tariffs imposed in decades.

Those tariffs have focused attention on the risk that US inflation could pick up again.

The personal consumption expenditures price index climbed 2.3 percent last month from a year ago, according to data released Friday. This was in line with analyst expectations and a slight acceleration from April's 2.2 percent increase.

Federal Reserve Chairman Jerome Powell has said the central bank can afford to monitor inflation before changing monetary policy, rebuffing Trump who has insistently called for interest rate cuts.

Friday's inflation data "was confusing, but it wasn't terrible," said Kim Forrest of Bokeh Capital Partners, adding that the uptick in inflation will probably keep the Fed on its current course for now.

"I think the markets would like to see a cut, but they're happy with things the way they are,' Forrest said.