NEW YORK (AP) — Stocks were little moved in morning trading on Wall Street Thursday as the market awaited a key report on inflation.
The S&P 500 rose 0.1%, with gainers and losers among the index’s roughly split. The index remains near the all-time high it hit last week.
The Nasdaq rose 0.3%, just off its all-time high, and the Dow Jones Industrial Average was down 3 points, or less than 0.1%, as of 10:04 a.m. Eastern time.
Walgreens Boost Alliance Inc. plunged 23.9%, the biggest drop in the S&P 500 index, after the company reported weaker-than-expected earnings, cut its outlook and said it could close hundreds more stores over the next three years.
Spice maker McCormick Inc. rose 5.3 percent, the market’s biggest gainer, after beating analysts’ profit estimates.
In the bond market, government bond yields fell. The 10-year Treasury yield fell to 4.28% from Wednesday’s close of 4.33%. The 2-year Treasury yield fell to 4.71% from 4.75%.
The U.S. economy expanded at a 1.4% annualized pace in January-March, according to the government’s latest update, a slight revision from a previous estimate of 1.3%. That would be the slowest quarterly growth rate since the spring of 2022.
The small moves in stocks come ahead of a key inflation report on Friday, when the government will release the latest personal consumption expenditures (PCE) index, the Federal Reserve’s preferred inflation gauge.
The latest information on inflation could influence central banks’ decisions on when to start cutting interest rates, which are at their highest in more than two decades and have repercussions around the world.
