QBR.B:CC - Dow Fails to Hold onto Gains
The Dow Jones Industrial Average traded near flat Thursday, despite a post-earnings Disney rally and a key inflation reading showing slightly less year-over-year inflation growth than expected.
The 30-stock index held onto gains of 52.39 points to end Thursday at 35,175.75.
The S&P 500 nicked up 1.12 points to 4,468.83.
The tech-heavy NASDAQ gathered 15.97 points to 13,737.75.
Meanwhile, Disney gained 4.8% and was the best performer in the Dow after announcing an upcoming price hike for ad-free Disney+ subscriptions. The media giant also reported fiscal third-quarter earnings per share that beat expectations. Wynn Resorts advanced 2.6% on a better-than-expected report.
July consumer prices gained 3.2% on an annual basis, less than the 3.3% consensus from economists polled by Dow Jones. On a month-to-month basis, inflation increased 0.2%, in-line with estimates. The report also said real average weekly earnings were unchanged last month in another positive sign.
Still, the report had some signs of sticky inflation. Excluding food and energy, the so-called core July CPI reading was up 4.7% on an annual basis, far above the Fed's 2% target. And headline inflation was above the 3% annual rate in June.
Prices for the 10-year Treasury sagged, raising yields to 4.11% from Wednesday's 4%. Treasury prices and yields move in opposite directions.
Oil prices faded $1.64 to $82.76 U.S. a barrel.
Gold prices sank $4.50 to $1,946.10 U.S. an ounce.