Stock market today: Nasdaq, S&P 500 pop as investors shrug off Fed, Tesla rallies ahead of Elon Musk pay decision

US stocks traded mixed on Thursday, with the S&P 500 holding near its record high as investors weighed the two-way pull of cooling inflation and a Federal Reserve pullback on interest rate cuts. The S&P 500 edged up 0.3% after the benchmark topped 5,400 to close at a fresh all-time high. The Nasdaq Composite popped 0.6% on the heels of taking out a record of its own, as tech stocks led the broader charge higher. But the Dow Jones Industrial Average headed lower, down 0.3%.

Traders are still pricing in two rate cuts starting in September, according to the CME FedWatch tool. Read more: How does the labor market affect inflation? The producer price index for May fell in what appears to be the latest sign that inflation is easing. The reading dropped 0.2% month-over-month after rising 0.5% in April.

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