Stocks drifted to a mixed close near the all-time highs they set last week. The S&P 500 index edged up 0.2% Wednesday. The Nasdaq composite rose 0.5%, and the Dow Jones Industrial Average edged up less than 0.1%. The majority of stocks in the S&P 500 fell. FedEx helped offset the losses with a gain of 15.5%. The package carrier reported results for its latest quarter that easily beat forecasts.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Stocks on
The S&P 500 index was mostly unchanged after drifting between small gains and losses in afternoon trading. The Nasdaq composite rose 0.3% and the Dow Jones Industrial Average was up 26 points, or 0.1% as of
Roughly 70% of stocks in the S&P 500 were losing ground, but several big stocks helped cushion the fall.
Amazon.com rose 4.1%, surpassing
Cheerios maker General Mills fell 4.2% after reporting that revenue for its most recent quarter fell more sharply than analysts expected. The company has been dealing with lower sales volumes as consumers grow more cautious and price-conscious amid stubborn inflation.
Chipotle slipped 0.1% on the first day of trading after its 50-for-1 stock split. It was previously among the most expensive stocks in the S&P 500.
FedEx helped offset the losses with a gain of 15%. The package carrier reported results for its latest quarter that easily beat forecasts.
Several big technology companies gained ground and also cushioned the impact from the broader market's decline. Apple rose 1.9% and
The latest updates on inflation could influence the central bank's decision on when to begin cutting interest rates, which remain at their highest level in more than 20 years.
“Noisy inflation data may be sufficient to keep policymakers cautious in their moves, but the global disinflationary process is well established,” said
In the bond market,
Investors are hoping that the
The economy has remained relatively strong, despite inflation and high borrowing costs for consumers and businesses. Economic growth has been slowing, though, and consumers are seemingly more stressed and shifting spending to necessities.
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