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Stocks were flat Thursday after a slate of mixed quarterly results dampened investor sentiment.
The Dow Jones Industrials traveled north 50.51 points to open Thursday at 39,178.31.
The much-broader index strengthened 10.13 points to 5,488.03.
The NASDAQ hiked 71.08 points to 17,876.24.
Micron shares slipped more than 5% after the chipmaker issued fourth-quarter revenue guidance in line with estimates. Levi Strauss dropped 15% after the jeans maker’s latest quarterly revenue disappointed investors. Walgreens Boots Alliance plunged 21.1% after cutting its full-year outlook and issuing lower-than-expected earnings in the previous quarter.
Bank stocks were in focus after the Federal Reserve said Wednesday that the biggest U.S. firms are able to withstand a severe recession scenario. Goldman Sachs and Bank of America shares slid more than 1% each.
Those moves come as Wall Street awaits the latest inflation data on Friday with the release of May’s personal consumption expenditures price index. Investors hope the report will show easing pricing pressures that could cement the likelihood the Fed will lower interest rates later this year.
Even with the sluggish trading activity, megacap tech names continued to outperform on Wednesday, bouncing back from a recent slide. On Wednesday, Amazon shares reached an all-time high, breaching $2 trillion in market capitalization for the first time.
Prices for the 10-year Treasury spiked, yields falling to 4.28% from Wednesday’s 4.32%. Treasury prices and yields move in opposite directions.
Oil prices jumped 68 cents at $81.58 U.S. a barrel.
Gold prices increased $25.10 to $2,338.40
