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S&P 500 trades flat, however Dow notches new all-time excessive

Merchants work on the ground of the New York Inventory Trade.

NYSE

U.S. shares traded principally flat on Thursday, however the Dow Jones Industrial Common managed to notch a brand new intraday report as traders weighed sizzling inflation readings however improved jobless claims information.

The Dow slipped 100 factors after hitting a brand new all-time excessive on the open. The S&P 500 misplaced 0.1% and the Nasdaq Composite inched simply above the flatline.

Among the many S&P sectors, well being care and monetary outperformed with features of about 0.2% every, whereas tech and shopper discretionary shares lagged. Goldman Sachs was the best-performing inventory within the Dow whereas Visa shaved off about 20 factors.

The Labor Division reported Thursday morning that preliminary jobless claims declined barely final week because the U.S. labor market continues its restoration from final yr’s recession. There have been 375,000 claims final week, matching estimates. The prior studying got here in at 385,000 claims.

The costs U.S. producers and different companies pay for labor, uncooked supplies and different items rose once more in July. The federal government stated its producer worth index, excluding risky meals, commerce companies and vitality elements, rose 0.9% final month versus a forecast for a 0.5% acquire.

The replace to producer worth inflation got here a day after the Labor Division stated shopper costs surged 5.4% from a yr earlier, for the month of July, and 0.5% from the earlier month. Core inflation, nonetheless, rose by simply 0.3% in July, under the 0.4% improve forecast.

“Inflation has, at a minimal, paused,” stated Brad McMillan, chief funding officer at Commonwealth Monetary Community. “For each the headline and core figures, the month-to-month and annual numbers have been steady or down from final month. Based mostly on that information, inflation is actually not on an unstoppable improve.”

“The inflation story is extra about remoted elements, fairly than normal will increase in costs, and even these elements are exhibiting indicators of peaking,” he added. “As we dig into the numbers, inflation is above the place it has been however is exhibiting indicators of rolling over and returning to extra comfy ranges.”

Dow member Disney will report earnings after the closing bell. The shares, down barely in 2021, have been down 0.2% through the common session. Micron shares fell 5% after Morgan Stanley predicted a slowdown within the reminiscence chip market and downgraded the inventory.

On Wednesday, the Dow gained 0.6% to succeed in 35,484.97 and shut at a brand new report. The S&P 500 rose 0.2% to an all-time excessive of 4,447.70. The Nasdaq Composite traded about 0.1% decrease to 14,765.13.

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