S&P 500: Stock Market Steady Today as US Indices Await Key PCE Inflation Data

Stocks Hover Near Records as Traders Double Down on Rate-Cut Expectations

U.S. stocks are holding a steady tone on Thursday, with the S&P 500 edging up and the Dow and Nasdaq trading close to flat. The market isn’t trying to punch higher, but it isn’t giving anything back either. Traders have largely settled into a holding pattern as the Fed meeting approaches, leaning on the view that a rate cut next week is all but locked in.

At 18:30 GMT, the benchmark S&P 500 Index is trading 6,860.00, up 10.28 or +0.15%. The blue chip Dow Jones Industrial Average is at 47,926.69, up 43.79 or +0.09% and the tech-weighted Nasdaq Composite is at 23,493.567, up 39.475 or +0.17%.

Are Mixed Labor Signals Enough to Sway the Fed?

The labor data kept things interesting. Weekly jobless claims fell to the lowest level in more than three years, while corporate layoffs hit their worst November reading since 2022. It’s a split message, but the market isn’t fighting it.

Traders are treating the softness as just enough evidence that inflation pressures should keep cooling, which boosts the case for a December cut. You could see it in the intraday tone — buyers stepped in whenever equities dipped, not aggressively, but confidently enough to hold indexes near record highs.

Which Sectors Showed Leadership — and Which Lagged?

Sector action stayed uneven. Retail names enjoyed a lift thanks to Dollar General’s 12% surge after reporting stronger customer traffic and better-than-expected profits. That move helped stabilize consumer-facing stocks, which have been trying to build momentum into year-end.

Tech, meanwhile, was stuck in a choppy stretch. Pressure on Microsoft, Nvidia, and Broadcom kept the sector from finding much rhythm, even as Salesforce gained more than 3% on upbeat revenue guidance.

Financials and energy traded quietly, reflecting traders’ reluctance to place big directional bets before the Fed meeting.

Which Stocks Defined the Day’s Moves?

Meta set the pace, jumping 4% on reports it may cut metaverse spending by up to 30% next year — a shift investors treated as long-overdue cost discipline. Dollar General’s strong print made it one of the day’s biggest winners.

On the downside, Kroger slid around 6% as impairment charges overshadowed otherwise steady sales growth.

Snowflake dropped more than 11% after offering a softer product-revenue outlook, while SAIC surged on strong earnings and raised guidance. Clear numbers drew buyers; cloudy stories didn’t — straightforward as that.

What Will Decide the Next Move?

Friday’s PCE report is the final major checkpoint before the Fed meets. Traders want to see inflation easing enough to justify next week’s cut. If the data cooperates, the market could try to finish the year on firm footing. If not, the calm we saw today may not last. For now, investors seem content to wait — but they’re paying close attention.

More Information in our Economic Calendar.