The S&P 500 (SNPINDEX: ^GSPC) has advanced 20% year to date due to strong interest in artificial intelligence and surprisingly robust economic growth. But certain Wall Street analysts believe UiPath (NYSE: PATH) and Roku (NASDAQ: ROKU) are undervalued.

Wall Street's main stock indexes opened higher on Friday, with the S&P 500 near record highs, after soft inflation data raised expectations that the Federal Reserve could now focus on shoring up the labor market and continue easing interest rates.

Wall Street was set for a marginally higher open on Friday after data underscored the narrative that price pressures were cooling, raising expectations that the Federal Reserve's next move might be another outsized interest rate cut.