NEW YORK — Stocks barely budged in morning trading on Wall Street Thursday as markets wait for a key report on inflation.
The S&P 500 rose 0.1% and stocks in the benchmark index were roughly split between gainers and losers. The index is hovering near the all-time high it set last week.
The Nasdaq rose 0.3% and is just below its all-time high. The Dow Jones Industrial Average fell 3 points, or less than 0.1%, as of 10:04 a.m. Eastern.
Walgreens Boosts Alliance plunged 23.9% for the biggest drop in the S&P 500. It reported results that fell shy of forecasts and cut its outlook. The company said it could close hundreds more stores in the next three years.
Spice maker McCormick rose 5.3% for one of the biggest gains in the market after beating analysts’ earnings forecasts.
Treasury yields fell in the bond market. The yield on the 10-year Treasury slipped to 4.28% from 4.33% late Wednesday. The yield on the two-year Treasury fell to 4.71% from 4.75%.
An update from the government said the American economy expanded at a 1.4% annual pace from January through March. The figure is a slight revision from a prior estimate of 1.3%. It marks the slowest quarterly growth since spring 2022.
The modest moves for stocks come ahead of an influential inflation report on Friday. The government will release its latest personal consumption expenditures index, or PCE. It is the Federal Reserve’s preferred measure of inflation.
The latest updates on inflation could influence the central bank’s decision on when to begin cutting interest rates, which remain at their highest level in more than 20 years and which are having an impact worldwide.
