NEW YORK (AP) — The U.S. stock market held near its records after a wobbly day of trading. The S&P 500 edged up 0.1% Thursday and remains just 0.5% below its all-time high. The Dow Jones Industrial Average slipped 0.1%, and the Nasdaq composite rose 0.2%. Dollar General rallied after reporting a better profit than analysts expected, but Kroger dropped after the grocer reported weaker revenue than expected. The market’s modest overall moves continue a calm run following weeks of sharp swings for stocks. Treasury yields ticked higher in the bond market, while stock indexes rose in Europe following a mixed finish in Asia.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
NEW YORK (AP) — The U.S. stock market is holding near its records on Thursday, continuing its following of .
The S&P 500 rose 0.1% in afternoon trading and remains just 0.5% below its all-time high. The Dow Jones Industrial Average was down 17 points, or less than 0.1%, as of 1:42 p.m. Eastern time, and the Nasdaq composite was 0.1% higher.
Dollar General helped lead the market and rallied 12.6% after reporting a stronger profit for the latest quarter than analysts expected. More customers shopped at its stores, and it also squeezed more profit out of each $1 in sales that it made.
Hormel rose 3.3% after likewise reporting a better profit than expected, thanks in part to strength for its Planters nuts and Jennie-O turkey offerings. It also gave a forecasted range for profit in the upcoming year whose midpoint was above analysts' forecasts.
, meanwhile, added 4% after swinging between gains and losses earlier in the morning. It delivered a better profit for the latest quarter than analysts expected, though its revenue fell just short.
CEO Marc Benioff extolled how Salesforce is “uniquely positioned for this new era” of , even if worries continue that all the world’s spending on AI may not end up worth it.
Besides such worries about potential overinvestment in AI, had sent U.S. stocks on sharp swings since it set in late October.
After some back and forth, the general expectation on Wall Street is now that the Fed will indeed cut its main interest rate next week in hopes of shoring up the slowing job market. If it does, that would be the third such cut this year.
Investors love lower interest rates because they boost prices for investments and can juice the economy. The downside is that they can worsen inflation, which remains above the Fed’s 2% target.
But Treasury yields ticked higher on Thursday following another rise for Japanese government bonds. Expectations for a coming Fed cut to rates also took a very slight hit after reports suggested the U.S. job market may be a bit better than expected.
One report said last week. The number was the lowest in more than three years.
A separate report said that the number of layoffs announced last month fell by more than half from October’s surge. It still was above year-ago levels, though, according to outplacement and executive coaching firm Challenger, Gray & Christmas.
While stronger-than-expected data is of course good news for U.S. workers, it could also indicate the job market doesn't need as much help from lower interest rates.
The yield on the 10-year Treasury rose to 4.10% from 4.06% late Wednesday. While the move was relatively modest, increases in yields can discourage some buyers from buying stocks and other investments instead of bonds.
Among the stocks falling on Wall Street was Kroger, which dropped 4.5%. The grocer reported weaker revenue for the latest quarter than analysts expected, though its profit beat forecasts. It also lowered the top end of its forecasted range for an important measure of revenue this year, while raising the bottom end by less.
Snowflake sank 11.5% despite topping analysts’ expectations for profit and revenue in the latest quarter. Analysts at UBS said the company's stock may be feeling a letdown after excitement had grown so much after it blew past expectations in the quarter just before. Growth in product revenue also decelerated a bit in the latest quarter.
In stock markets abroad, indexes rose modestly in Europe following a mixed finish in Asia.
Japan’s Nikkei 225 index jumped 2.3%, while South Korea’s Kospi slipped 0.2%.
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AP Writers Teresa Cerojano and Matt Ott contributed.
