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The S&P 500 traded near the flatline Thursday as Wall Street looked ahead to fresh inflation data for clues as to when the Federal Reserve will begin to lower interest rates.
The Dow Jones Industrials grabbed 36.26 points to answer the closing bell Thursday at 39,164.06.
The much-broader index managed to muscle up 4.97 points to 5,482.83.
The NASDAQ gained 53.53 points to 17,858.68.
Semiconductor stocks were in the red, raising questions on whether the artificial intelligence trade can continue to sustain markets in the back half of this year. Micron shares slipped more than 6% after the chipmaker issued fourth-quarter revenue guidance that was in line with estimates. Semiconductor giant and market bellwether Nvidia also sagged, dipping 1.6%.
Several stocks slid after reporting quarterly earnings. Levi Strauss dropped more than 16% after the jeans maker’s latest quarterly revenue disappointed investors. Walgreens Boots Alliance plunged 25% after cutting its full-year outlook and issuing lower-than-expected earnings in the previous quarter.
Those moves come as traders look to the release of May’s core personal consumption expenditures price index, which is the Fed’s preferred measure of inflation. Economists polled by Dow Jones expect core PCE rose 0.1% month over month and 2.6% from the year-earlier period.
Prices for the 10-year Treasury spiked, yields falling to 4.29% from Wednesday’s 4.32%. Treasury prices and yields move in opposite directions.
Oil prices added $1.01 at $81.91 U.S. a barrel.
Gold prices increased $23.80 to $2,337.00
