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Stock market today: Wall Street drifts as inflation reports offer few clues on interest rates

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NEW YORK (AP) — U.S. stocks are drifting, and yields are climbing following mixed economic reports that offered no slam-dunk clues about where interest rates are heading.

The S&P 500, Dow Jones Industrial Average and the Nasdaq composite were all little changed shortly after trading opened Thursday. A report showed that inflation was a touch higher last month than economists expected, helping to push up Treasury yields. But underneath the surface, it also had some encouraging nuggets for future trends. Oil prices rose to raise the pressure on inflation. Earnings reporting season is also kicking off on Wall Street.

A report on U.S. consumer prices is due later Thursday, a day after a report on wholesale inflation came in hotter than expected. Economists said that may not be enough to force the Fed to raise its main interest rate again. “Recent remarks from FOMC members have leaned dovish, suggesting that the Fed might maintain current short-term rates,” Anderson Alves at ActivTrades said in a report, referring to the U.S. Federal Reserve’s action on interest rates.

On Wednesday, the S&P 500 rose 0.4% and the Dow industrials added 0.2%. The Nasdaq composite gained 0.7%.

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