Stock market today: Wall Street is steady following economic reports with few surprises

The S&P 500 was 0.1% higher in afternoon trading and remains on track for a fourth winning week in the last five. It’s climbed back within 1.9% of its record set in July following a

That helped to offset a 17.2% slump for Moderna after the vaccine maker said it expects to break even in 2028,of 2026. The company, whose sales have cratered in the aftermath of the COVID-19 pandemic, is also reducing its 2025-2028 research and development investment by 20%. The inflation data was similar to Wednesday’s report on prices at the U.S. consumer level. It kept traders betting the Fed will deliver a traditional-sized cut of a quarter of a percentage point next week, instead of the larger half-point that some had earlier been expecting.While lower interest rates help goose the economy and investment prices, they can also give inflation more fuel.

Any cut to rates by the Fed would be the first in more than four years, as it’s been more focused on fighting inflation. Across the Atlantic, moves to protect the economy have already begun. Thecut interest rates by a quarter of a percentage point on Thursday, the second time it’s done so to prop up economic growth.

On Wall Street, Kroger climbed 5% after reporting stronger profit for the latest quarter than analysts expected. The grocer’s revenue fell short, but it raised the floor of its forecasted range for a key revenue measure for the full year. In stock markets abroad, indexes were higher across much of Europe. In Asia, Japan’s Nikkei 225 index was a standout and jumped 3.4%. It clawed back some of its sharp losses following a seven-day losing streak.There are now more 401 millionaires than ever before. According to new data from Fidelity, there are now roughly 497,00 401 plan participants with balances of at least $1 million in their accounts.

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