Stock market today: Wall Street drifts after mixed economic reports, more AI ebullience

NEW YORK — U.S. stocks are drifting around their records Thursday following some mixed data on the economy, including the latest encouraging update on inflation. The S&P 500 was up 0.2% in early trading Thursday, a day after jumping to an all-time high. The Nasdaq composite rose 0.6%. The Dow slipped 149 points. Treasury yields fell again in the bond market as conviction builds that inflation is slowing enough to convince the Federal Reserve to cut interest rates later this year.

Tesla jumped 6.5% after its CEO Elon Musk said in a post on his social media platform X that early results indicated shareholders would vote overwhelmingly to restore his $44.9 billion pay package. That all-stock compensation package was denied by a Delaware judge earlier this year after a group of shareholders sued Musk and the company's board. Tesla shareholders will also vote on a proposal to move the company's state of incorporation from Delaware to Texas.

Lower inflation helps U.S. households struggling to keep up with fast-rising prices and also opens the door for the Federal Reserve to cut its main interest rate. Such a move would ease pressure on the economy and give a boost to investment prices. Elsewhere, shares fell sharply in Europe as leaders of the Group of Seven leading industrialized nations were gathering in Italy in the wake of the European Parliament election that saw a surge in support for the far right in places like France and Germany.

In currency trading, the U.S. dollar edged up to 157.23 Japanese yen from 156.71 yen. The euro fell to $1.0784 from $1.0812.

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