Most U.S. stocks rose after the latest update on inflation bolstered Wall Street’s belief that relief on interest rates may come as soon as September.
Three out of every four stocks in the S&P 500 climbed Thursday, and homebuilders, real-estate owners and other stocks that benefit the most from easier interest rates led the way.
But slumps for Nvidia, Tesla and other influential stocks in the small group that’s come to be known as the Magnificent Seven masked the underlying strength. That dragged the S&P 500 down 0.9 percent. The Nasdaq fell 2 percent and the Dow rose 32 points. Bond yields tumbled.
On Thursday:
The S&P 500 fell 49.37 points, or 0.9 percent, to 5,584.52.
The Dow Jones Industrial Average rose 32.39 points, or 0.1 percent, to 39,753.75.
The Nasdaq composite fell 364.04 points, or 2 percent, to 18,283.41.
The Russell 2000 index of smaller companies rose 73.28 points, or 3.6 percent, to 2,125.04.
For the week:
The S&P 500 is up 17.35 points, or 0.3 percent.
The Dow is up 377.88 points, or 1 percent.
The Nasdaq is down 69.35 points, or 0.4 percent.
The Russell 2000 is up 98.31 points, or 4.9 percent.
For the year:
The S&P 500 is up 814.71 points, or 17.1 percent.
The Dow is up 2,064.21 points, or 5.5 percent.
The Nasdaq is up 3,272.06 points, or 21.8 percent.
The Russell 2000 is up 97.96 points, or 4.8 percent.
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