Major stock indexes on Wall Street closed little changed Thursday as traders looked ahead to a key report on inflation that could influence the Federal Reserve's next move on interest rates.
- The Dow closed 0.1% higher, adding 36.26 points to reach 39,164.06.
- The S&P 500 eked out a 0.1% gain, inching up 4.97 points to 5,482.87.
- The Nasdaq rose 0.3%, gaining 53.53 points to close at 17,858.68. It remains just below its all-time high.
Gains for retailers and communications services companies helped outweigh losses in consumer goods makers, financial stocks, and elsewhere in the market. Amazon.com rose 2.2% and Meta Platforms added 1.3%. Walgreens Boosts Alliance plunged 22.2% for the biggest drop in the S&P 500. It reported results that fell shy of forecasts and cut its outlook. The company said it could close hundreds more stores in the next three years. Jeans maker Levi Strauss sank 15.4% after its latest quarterly revenue results fell short of analysts' expectations, along with its current earnings forecast for the year. Spice maker McCormick rose 4.3% for one of the biggest gains after beating analysts' earnings forecasts. Chipmaker Micron Technology fell 7.1% after its latest forecast left investors disappointed.
An update from the government said the US economy expanded at a 1.4% annual pace from January through March. The figure is a slight revision from a prior estimate of 1.3%. It marks the slowest quarterly growth since spring 2022. The report also backed data from previous economic reports that show consumers are getting squeezed by persistent inflation and high interest rates. Consumer spending, which has been fueling economic growth, grew at just 1.5%, down from an initial estimate of 2%, according to the report. The main upshot from the report is that "the economy remained resilient in the first quarter but that private-sector demand growth was cooling led by more consumer prudence," said Gregory Daco, EY chief economist, in a note.
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