The S&P 500 advanced 0.5% to a record 7,557.85, while the Dow Jones Industrial Average added 32 points, or 0.1%, to 50,676.
The Nasdaq 100 climbed 0.4% to a record 30,089. Within Magnificent Seven stocks, Microsoft Corp. (NASDAQ:MSFT) jumped 2.9%, while Nvidia Corp. (NASDAQ:NVDA) edged 0.3% higher, on track to snap four straight sessions of losses.
The small-cap Russell 2000 rallied 0.6% to 2,937, the strongest performance among major U.S. benchmarks.
Read Also:
Fed's Favorite Inflation Gauge Hits 3.8%, Highest Since May 2023
April PCE Report Delivered Mixed Read For Fed
Headline Personal Consumption Expenditure (PCE) inflation accelerated to 3.8% year-over-year, the hottest since early 2023 – with the monthly print up 0.4%, but core PCE rose just 0.2% on the month and 3.3% year-over-year, broadly in line with estimates.
Real personal spending grew just 0.1%, personal income was essentially flat, and first-quarter GDP was revised lower by 0.4 percentage points to 1.6% on softer investment, painting a picture of a consumer that is no longer outrunning prices.
The mixed macro print did little to soften the Fed’s hawkish chorus. St. Louis Fed President Alberto Musalem said rate hikes remain on the table if price pressures fail to converge back to the 2% target, echoing similar warnings from Fed Vice Chair Philip Jefferson and Minneapolis Fed President Neel Kashkari.
Thursday’s Performance In Major US Indices
Index
Last
% Change
S&P 500
7,557.85
+0.5%
Dow Jones
50,676.51
+0.1%
Nasdaq 100
30,089.53
+0.4%
Russell 2000
2,937.35
+0.6%
Updated ...
