Stocks had lackluster day on Thursday, despite a report showing that inflation had cooled more than expected:
- The S&P 500 fell 49 points, or 0.8%, to 5,584.
- The Dow rose 32 points, or 0.08%, to 39,753.
- The Nasdaq, fell 364 points, or 1.9%, to 18,283. The Nasdaq focuses on tech stocks.
The vast majority of stocks in the S&P 500 index rose, but pullbacks for Big Tech stocks such as Microsoft, Nvidia, and other influential companies masked that underlying strength, per the AP. Elsewhere, housing-related companies, real-estate owners, and others that tend to benefit from easier interest rates fared well. BXP, the company that owns Boston's Prudential Center and other high-profile office developments across the country, climbed 4%. Homebuilders PulteGroup rose 6% and D.R. Horton climbed 6% for some of the biggest gains in the S&P 500. Mohawk Industries, which makes flooring for homes, jumped 5%.
Delta Air Lines lost 6% after reporting slightly weaker revenue and profit for the spring than expected. The airline said demand is strong for peak summer travel, but it also gave a profit forecast for the current quarter that fell short of Wall Street's estimates. Conagra Brands fell 1.6% even though its profit for the latest quarter beat expectations. Revenue for the company behind Birds Eye, Duncan Hines, and Marie Callender's fell short of analysts' forecasts. On the winning end was WD-40, which rose 3.2% after reporting stronger profit and revenue than analysts expected.
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