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The S&P 500 was little changed Thursday morning, following the benchmark’s rally above the 4,500 level for the first time ever in the prior session, as investors await the Federal Reserve’s annual symposium on Friday.
The Dow Jones Industrials were positive 54.98 points to kick off Thursday at 35,460.48
The S&P 500 deducted 3.86 points from Wednesday’s all-time high to 4,492.33.
The NASDAQ Composite took from Wednesday’s record by 45.56 points to 14,996.30.
Salesforce is leading the Dow, with shares 5% higher on fiscal second-quarter earnings and forward guidance that exceeded analysts’ estimates. Ulta Beauty rose more than 1% after reporting strong results.
Zoom Video shares jumped more than 3.8% after Morgan Stanley upgraded the stock and predicted 18% upside.
Several companies report quarterly earnings on Thursday including Dell Technologies, Gap, HP and Abercrombie & Fitch.
Economic growth totaled 6.6% in the second quarter, according to theCommerce Department’s second estimate Thursday. That was a slight revision upward from the 6.5% annual increase previously reported but slightly lower than the Dow Jones estimate of 6.7%.
The highly anticipated Jackson Hole symposium from the Federal Reserve will be held virtually this year on Friday, with many central bank speakers making remarks to the media beginning Thursday. At the event, central bankers could provide updates on their plan around tapering monetary stimulus.
Weekly initial jobless claims came in at 353,000, the U.S. Labor Department reported Thursday morning, a slight increase from the prior week’s 349,000. Economists polled by Dow Jones expected 350,000 Americans filed for unemployment last week.
Prices for 10-Year Treasurys dipped, pulling up yields to 1.36% from Wednesday’s 1.34%. Treasury prices and yields move in opposite directions.
Oil prices docked 60 cents to $67.76 U.S. a barrel.
Gold prices deleted $2.80 to $1,788.200 U.S. an ounce.
