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Stock market today: S&P 500, Nasdaq fall from records amid tech sell-off

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Jerome Powell steps up for part two of his policy update to Congress, with investors on the alert for more clues to rate-cut prospects.

US stocks were mixed on Thursday as investors rotated out of tech following a key report showing consumer prices unexpectedly fell on a month-over-month basis for the first time since 2020. The S&P 500 fell 0.5% after the broad index crossed 5,600 for the first time on Wednesday. The Dow Jones Industrial Average rose 0.3%, while the tech-heavy Nasdaq Composite fell more than 1%. Tech heavyweights Nvidia , Microsoft and Meta all fell.

Stock gains have picked up pace this week as Fed Chair Jerome Powell has suggested that conditions are almost right for the Federal Reserve to start making interest-rate cuts. Thursday's inflation look bolstered bets on a cut by September, with around 90% of traders expecting such an outcome, according to the CME FedWatch tool.

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