- The S&P 500 and the Nasdaq Composite rose Thursday after big slides in the previous session.
- Stocks recovered some ground that was lost after a 6.2% inflation reading for consumer prices.
- The Dow Jones Industrial Average sat out Thursday’s advance, extending the previous day’s losses.
US stocks finished mixed Thursday but won back some losses suffered in the previous session following a surge in consumer price inflation, with prices for food and gasoline running hot and stoking concerns about growth prospects for the US economy.
The S&P 500 and the Nasdaq Composite ended higher. Tech stocks on the Nasdaq were slammed lower Wednesday after a surge in bond yields hurt that sector. Bond yields soared after the US consumer price index climbed to 6.2% in October, the highest rate of inflation since 1990.
But the Dow Jones Industrial Average closed in the red, with Disney shares sliding following a miss in fiscal fourth-quarter earnings for the entertainment heavyweight.
Here’s where US indexes stood at 4:30 p.m. on Thursday:
“While this week’s inflation data sparked a decline on Wednesday in US equities, investors continue to see the market as a glass half-full on the heels of strong third-quarter corporate earnings, the passage of the landmark US infrastructure bill, visible remedies to supply chain congestion, and other key indicators of a more sustained economic recovery,” said Greg Bassuk, CEO of AXS Investments, in a note to Insider on Thursday.
Still, “investors should brace for heightened market volatility and consider sanctuary in inflation hedges, like gold, bitcoin and alternative investments,” he said.
Around the markets, Beyond Meat shares sank to their lowest price in more than a year after the alternative meat maker issued a weak sales outlook and posted a wider Q3 loss than anticipated for the third quarter.
Cathie Wood’s Ark bought the dip in Palantir shares this week, when the data-analytics company hit three-month lows. Meanwhile, Wood told Bloomberg she sees the recent rout in Tesla’s stock as a “blip” in its growth trajectory.
Gold rose 0.7% at $1,862 per ounce. The bond market was closed for Veterans’ Day.
Bitcoin edged up 0.1% to $65,001.89.