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US stocks were little changed on Thursday as investors assessed fresh economic data ahead of an inflation reading key to Federal Reserve policy.
The S&P 500 (^GSPC) rose nearly 0.1%, edging back toward an all-time high. The Dow Jones Industrial Average (^DJI) also rose about 0.1%. Meanwhile, the tech-heavy Nasdaq Composite (^IXIC) led the gains, gaining 0.3%.
Memory maker Micron’s (MU) shares slid more than 7%, dragging chip stocks. Nvidia (NVDA) was down nearly 2%, reviving worries of a return to the sell-off that rattled markets last week.
Investors were weighing a new batch of economic data ahead of the PCE inflation print on Friday that will influence the Fed’s thinking on the timing of interest rate cuts.
A reading on initial weekly jobless claims came in at 233,000, a decrease of 6,000 from the previous week, according to Department of Labor data. The print came in below a consensus expectation of 235,000. But recurring jobless claims rose to their highest since late 2021, suggesting it’s taking longer for unemployed people to find a job.
Real gross domestic product (GDP) increased at an annual rate of 1.4% in the first quarter of 2024, according to the third estimate by the Bureau of Economic Development released on Thursday morning. The print was slightly higher than the prior estimate of 1.3%.
Inflation could also loom large in the first debate between President Joe Biden and former President Donald Trump on Thursday night.
On the corporate front, Levi Strauss (LEVI) shares sank over 15% in the wake of a second quarter revenue miss for the jeans seller.
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