NEW YORK — An early rebound for U.S. stocks petered out by the end of the day, leaving indexes close to flat. The S&P 500 edged down by 0.1% Thursday, coming off one of its worst days of the year after the Federal Reserve said it may deliver fewer cuts to interest rates in 2025 than earlier thought. The Dow Jones Industrial Average inched up by less than 0.1%, and the Nasdaq composite slipped 0.1%. Treasury yields were mixed in the bond market following reports showing the U.S.
Wall Street loves lower interest rates because they give the economy a boost and goose prices for investments, but they can also provide fuel for inflation. They helped offset a tumble for Micron Technology, which fell 16.7% despite reporting stronger profit than expected. The computer memory company’s revenue fell short of Wall Street’s forecasts, and CEO Sanjay Mehrotra said it expects demand from consumers to remain weaker in the near term. It gave a forecast for revenue in the current quarter that fell well short of what analysts were thinking.
A separate report showed fewer U.S. workers applied for unemployment benefits last week, an indication that the job market also remains solid. But a third report said manufacturing in the mid-Atlantic region is unexpectedly contracting again despite economists’ expectations for growth.
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