The Dow Jones Industrial Average rose 0.1% to close at 39,164.06, the S&P 500 also rose 0.1% to close at 5,482.87 and the Nasdaq Composite Index rose 0.3% to close at 17,858.68.
U.S. stock indexes edged higher ahead of inflation data due on Friday. Reuters
U.S. stocks ended a choppy session on Thursday with modest gains as investors awaited key inflation data that could influence future interest rate decisions.
The Dow Jones Industrial Average rose 0.1% to close at 39,164.06, the S&P 500 also rose 0.1% to close at 5,482.87 and the Nasdaq Composite Index rose 0.3% to close at 17,858.68.
Market movers
Large-cap stocks such as Alphabet Inc. and Meta Platforms Inc. rose as Treasury yields fell, with Alphabet Inc. up 0.83% and Meta Platforms Inc. up 1.25%. Amazon Inc. rose 2.19% and surpassed $2 trillion in market capitalization for the first time on Wednesday.
Chipmaker Micron slid 7.11% after it reported fourth-quarter earnings guidance that met expectations but fell short of investors’ optimistic outlook amid the artificial intelligence boom. Nvidia slid 1.90% as its recent volatility continued.
Levi Strauss’ shares plunged 15.4% after the company reported second-quarter earnings that fell short of expectations.
Focus on inflation
Investors are eagerly awaiting the release of the personal consumption expenditures (PCE) price index on Friday, following a slight upward revision in first-quarter GDP growth to 1.4% from the previous forecast of 1.3%, indicating the slowest quarterly growth rate since the spring of 2022.
“The market is being pretty cautious in valuing ahead of the actual PCE data being released,” said Sam Stovall, chief investment strategist at CFRA Research.
Apart from Friday’s data, investors are also keeping their eyes on Thursday night’s presidential debate, which will feature President Joe Biden facing off against former President Donald Trump.
Bond Market Trends
In the bond market, Treasury yields fell. The yield on the 10-year Treasury note, which affects interest rates on mortgages and other consumer loans, fell to 4.28% from 4.33% on Wednesday. The yield on the two-year note fell to 4.71% from 4.75%.
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