Stock market today: Wall Street drifts after another inflation report as worries about rates remain

NEW YORK — U.S. stocks are drifting Thursday, a day after tumbling on worries that interest rates may stay high for a while.

When or whether the Federal Reserve will deliver the cuts to interest rates in the United States that traders are craving has been one of the main questions dominating Wall Street. After coming into the year forecasting at least six cuts to rates, traders have since drastically scaled back their expectations. A string of hotter - than - expected -reports on inflation and the economy has raised fears that last year’s progress on inflation has stalled.

A separate report said fewer U.S. workers applied for unemployment benefits last week. It’s the latest signal that the job market remains remarkably solid despite high interest rates. All this is coming at a time when critics had already been calling the U.S. stock market too expensive following its leap of more than 20% since Halloween. For stock prices to look more reasonable, without requiring sharp drops, either interest rates would need to fall or corporate profits would need to strengthen.

Constellation Brands rose 2% for one of the bigger gains in the S&P 500 after it reported stronger profit than expected for the three months through February. It cited solid growth for its Modelo Especial beer brand. It also gave a forecast for earnings this upcoming fiscal year that topped Wall Street’s expectations.

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