NEW YORK (AP) Stocks drifted on Wall Street on Wednesday and major indexes moved closer to the all-time highs they set last week.
The S&P 500 Index was virtually unchanged in afternoon trading. The Nasdaq Composite Index rose 0.2% and the Dow Jones Industrial Average rose 36 points, or 0.1%, as of 1:18 p.m. Eastern Time.
About 70% of S&P 500 stocks lost ground, but several major stocks helped cushion the fall.
Cheerios maker General Mills fell 4.6% after reporting that revenue for its latest quarter fell more sharply than analysts expected. The company has faced falling sales volumes as consumers become more cautious and price-conscious amid stubborn inflation.
Chipotle rose 0.1% on its first day of trading after its 50-for-1 stock split. The stock was previously among the most expensive in the S&P 500.
FedEx helped offset losses with a 14.7% gain. The parcel carrier published results for its last quarter which far exceeded forecasts. Rivien climbed 21.2% after Volkswagen said it would invest up to $5 billion in the struggling electric vehicle maker.
Several large technology companies have gained ground and have also softened the impact of the decline in the market as a whole. Apple rose 2.2% and Microsoft 0.2%. Their high values tend to strongly influence the direction of the market.
This week, Wall Street will mainly focus on the latest inflation report released by the government on Friday. The personal consumption expenditures index, or PCE, is the Federal Reserve preferred measure of inflation. Wall Street expects the inflation rate to have fallen to 2.6% in May, from 2.7% in April.
The Fed is trying to bring inflation back to its 2% target, but the rate remains unchanged. PCE has been hovering just below 3% for months. The best-known consumer price index has hovered around 3% throughout 2024, although it reached 9.1% by mid-2022.
The latest inflation updates could influence the central bank's decision on when to start cutting interest rates, which remain at their highest level in more than 20 years.
The inflation figures might be enough to make policymakers cautious, but the process of global disinflation is well established, Solita Marcelli and other analysts said in a UBS report. Easing price pressures and other economic considerations should encourage central banks to begin or continue cutting rates.
In the bond market, Treasury yields have been mixed. The 10-year Treasury yield rose from 4.25% to 4.30% Tuesday evening. It is down from a peak of 4.70% in late April, which eased pressure on the stock market.
Investors are hoping the Federal Reserve will soon begin cutting interest rates. Wall Street is betting on a rate cut at the central bank's September meeting.
The economy has remained relatively strong, despite inflation and high borrowing costs for consumers and businesses. However, economic growth is slowing and consumers seem more stressed and are redirecting their spending towards basic necessities. Wall Street is hoping the Fed can time its rate cuts to relieve pressure on the economy before it slows too much, but without missing its goal of curbing inflation.
Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
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