Stock market today: Wall Street is steady following economic reports with few surprises
U.S. stocks are drifting in mixed trading following a couple reports on the economy that came in close to expectations
NEW YORK — U.S. stocks are drifting in mixed trading Thursday following a couple reports on the economy that came in close to expectations.
The S&P 500 was 0.2% higher in morning trading and remains on track for a fourth winning week in the last five. It’s climbed back within 1.8% of its record set in July following a shaky summer.
The Dow Jones Industrial Average was down 45 points, or 0.1%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 0.5% higher.
Nvidia rose another 2.6% after jumping 8.1% the day before to help lead the market. The chip company's stock has stabilized recently after falling more than 20% during the summer on worries investors had taken it too high in their frenzy around artificial-intelligence technology.
That helped to offset a 17% slump for Moderna after the vaccine maker said it expects to break even in 2028, pushing out its earlier prediction of 2026. The company, whose sales have cratered in the aftermath of the COVID-19 pandemic, is also reducing its 2025-2028 research and development investment by 20%.
Treasury yields were relatively steady in the bond market following reports on layoffs and inflation that included few surprises. The data did little to change the overriding belief in the market that the U.S. economy is slowing, along with inflation, and that the Federal Reserve will deliver a cut to interest rates next week in hopes of protecting the job market and preventing a recession.
One report said the number of U.S. workers applying for unemployment benefits last week ticked up, though it remains low relative to history. Another said prices charged at
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