Stock market today: Live updates

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Stock market today: Live updates

Traders work on the floor of the New York Stock Exchange during afternoon trading on June 3, 2024.

Michael M. Santiago | Getty Images

The S&P 500 slipped on Thursday but remained near record levels as traders weighed more data showing inflation pressures may be easing.

The broad market index was flat, while the Nasdaq Composite advanced 0.1%. The Dow Jones Industrial Average slipped 145 points, or 0.4%. The S&P 500 was up as much as 0.4% earlier in the day.

The S&P 500 and Nasdaq hit record levels this week, boosted by fresh data showing signs of inflation pressures cooling.

May’s producer price index fell 0.2% from the prior month. Economists polled by Dow Jones expected an increase of 0.1%. That report comes a day after May’s consumer price index rose less than expected last month.

Thursday’s data also follows a Federal Reserve policy decision. The Fed kept rates unchanged, but noted there has been progress made on the inflation front. That said, the central bank lowered its rate cut expectations for 2024 to one from its prior estimate of three.

“We can eliminate the possibility of an interest rate hike from here. That’s something in our framework that’s supportive for valuations across equities and credit,” said Zachary Hill, head of portfolio management at Horizon Investments. “Our baseline expectation right now is we’re going to continue to grind higher in an equity markets.”

Broadcom shares surged 13% after the chipmaker topped fiscal second-quarter expectations and announced a 10-for-1 stock split. On the other hand, Dave & Buster’s Entertainment shares dropped 11% after the company’s first-quarter revenue missed estimates.

Generac and Paramount Global, both down 6%, led the S&P lower. The streaming service dipped after National Amusements ******* its discussions with Skydance on a proposed merger. Salesforce,

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and Caterpillar, respectively down 2%, 2% and 1%, contributed to the Dow’s decline.

Correction: Economists polled by Dow Jones expected PPI to rise by 0.1%. A previous version mischaracterized the estimate.

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