SNOW - Stocks as Inflation Numbers Fall in Line
The S&P 500 ticked higher Thursday as investors digested a key inflation metric that met economist expectations along with fresh U.S. housing numbers.
The Dow Jones Industrials were down 34.23 points Thursday at 38,914.79
The S&P 500 surged 10.33 points to 5,080.09.
The NASDAQ index recovered 72.95 points to 16,020.69.
Data showed the Federal Reserve's preferred measure of inflation was stubbornly above the central bank's target in January, but at least didn't exceed Wall Street forecasts. There were also signs that consumer spending remains robust.
The core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, increased by increased 0.4% for the month and 2.8% from a year ago. That matches Dow Jones estimates. Headline PCE, which includes food and energy categories, increased 0.3% monthly and 2.4% on a 12-month basis, compared to respective estimates for 0.3% and 2.4%.
Snowflake shed 20% after announcing the retirement of its CEO and sharing disappointing product revenue guidance. Meanwhile, Okta popped nearly 23% on strong results.
Prices for the 10-year Treasury inched forward, lowering yields to 4.23% from Wednesday's 4.26%. Treasury prices and yields move in opposite directions.
Oil prices faded 48 cents to $78.39 U.S. a barrel.
Gold prices surged $13.70 to $2,056.40.