S&P 500, Dow End Flat as Traders Await Fed's Favored Inflation Gauge | Wall Street Today
The S&P 500, Dow ended flat Thursday as traders awaited Friday's release of Fed's favored inflation gauge to get clues on when the Federal Reserve might begin lowering interest rates.
The broad market $S&P 500 Index (.SPX.US)$ closes flat at 5,482.87, up 0.09%, and the $Nasdaq Composite Index (.IXIC.US)$ advanced 0.3%. The $Dow Jones Industrial Average (.DJI.US)$ was almost flat, up 0.09%.
MACRO
Recurring applications for US jobless benefits rose to the highest level since the end of 2021, a warning sign suggesting that it's taking longer for unemployed people to find a job.
Continuing claims, a proxy for the number of people receiving benefits, increased to 1.84 million in the week ended June 15, according to Labor Department data released Thursday.
Besides, Atlanta Federal Reserve Bank President Raphael Bostic said Thursday that he is sticking with his forecast of one quarter-point interest-rate cut this year, sometime in the October-December quarter.
SECTORS
Oil rose but remained in a narrow range as bullish momentum in broader markets counteracts weak near-term fundamentals for the commodity, pushing traders to shift their focus to next year's contracts.
West Texas Intermediate advanced about 1% to approach $82 a barrel, still within the band of less than $2 it has traded in this week. That marks WTI's narrowest weekly trading range since January 2021. An unexpectedly large buildup of US crude stockpiles failed to drive prices lower on Wednesday as a hot streak for equities bolstered investors' appetite for risk assets.
MOVERS
$Nike (NKE.US)$ shares fell 5.5% in the after-hours session on quarterly sales that fell short of expectations.
Influential trader Keith Gill, also known as Roaring Kitty, latest post on X is prompting plenty of chatter about its meaning. This has included speculation that the post could be a reference to $Chewy (CHWY.US)$, an online retailer of pet products. The stock gave back a gain of 28% Thursday.
$Walgreens Boots Alliance (WBA.US)$'s stock fell 22.1% on Thursday, after the drugstore chain's fiscal third-quarter profit fell short of estimates and it again lowered guidance to reflect a stressed consumer following a period of high inflation.
$Chipotle Mexican Grill (CMG.US)$ shares tumbled nearly 6% on Thursday, its second trading day after the 50-for-1stock splitthis week.
$McCormick & Co (MKC.US)$ shares rose 4.3% as the spice maker reported quarterly results and reaffirmed its guidance for the full year.
$Micron Technology (MU.US)$'s stock fell 7.1% on quarterly sales guidance that disappointed investors. While Microns forecast met analyst expectations, investors had hoped for a bigger benefit from the AI boom.
Shares of $Levi Strauss & Co. (LEVI.US)$ were diving 15.4% after the maker of denim apparel fell a tinge short on sales for the fiscal second quarter.
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