Stock market today: Stocks pull back from records after Dow touches 40,000 for first time

US stocks could not reach new records on Thursday, despite the Dow Jones Industrial Average touching 40,000 for the first time ever. The Dow finished the day down 0.1%, closing at 39,869 after briefly surpassing its new price milestone earlier in the session. The tech-heavy Nasdaq Composite fell about 0.3% while the S&P 500 dropped around 0.2%. The S&P closed just below 5,300 after eclipsing that number for the first time on Wednesday.

Stocks rallied on Wednesday after new data showed signs of cooling inflation, which spurred bets on a Federal Reserve rate cut in September. All three major indexes closed at record highs as a result. Investors also jumped into bonds, sending the 10-year Treasury yield down near one-month lows at around 4.33%. On Thursday, yields ticked about 2 basis points higher with the 10-year trading around 4.38%.

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