Stock market today: Wall Street drifts in subdued trading around last week's records
Stocks are off to a sluggish start on Wall Street as major indexes drift near the all-time highs they set last week
NEW YORK — Stocks drifted on Wall Street Wednesday and major indexes hovered close to the all-time highs they set last week.
The S&P 500 index fell 0.1% in morning trading. The Nasdaq composite rose 0.3% and the Dow Jones Industrial Average was down 143 points, or 0.4%.
Roughly 80% of stocks in the S&P 500 were losing ground, but several big stocks helped cushion the fall.
Cheerios maker General Mills fell 5.3% 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.
FedEx helped offset the losses with a gain of 12.8%. The package carrier reported results for its latest quarter that easily beat forecasts. Rivian soared 29% after Volkswagen said it would invest up to $5 billion in the struggling maker of electric vehicles.
Several big technology companies gained ground and also cushioned the impact from the broader market's decline. Apple rose 1.3% and Nvidia gained 1.1%. Their large values tend to heavily influence the direction of the market.
Wall Street's big focus this week will be on the government's latest inflation report Friday. The personal consumption expenditures index, or PCE, is the Federal Reserve's preferred measure of inflation. Wall Street expects it to show that the rate of inflation eased to 2.6% in May, following a 2.7% reading in April.
The Fed is trying to tame the rate of inflation back to its 2% target, but the rate has been seemingly sticky at around 3% for months. The latest updates on inflation could influence
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