S&P 500 Futures Pull Back from Record High

U.S. stocks traded mixed-to-lower on Thursday, with the S&P 500 falling from record highs on weaker financials and consumer shares.

The large-cap index edged down 0.1% to 2,495.62, ending a streak of three consecutive record highs.

Five of 11 sectors registered losses on Thursday. Consumer stocks were down across the board, with staples and discretionary components closing off at least 0.4%. Financials, telecom and information technology also headed lower.

On the positive side, utilities stocks rose 0.9%. Shares of energy companies rallied 0.r% as U.S. crude futures hit $50 a barrel for the first time in nearly four months.

Sliding tech shares weighed on the Nasdaq. The index fell 0.5% to 6,429.09. The Dow Jones Industrial Average bucked the downtrend, rising 0.2% to a new high of 22,203.48.

In terms of data, U.S. consumer inflation gathered pace in August, rising at the fastest pace in seven months. The Labor Department reported that the consumer price index (CPI) rose 0.4% from the previous month and 1.9% compared with a year earlier.

Core prices, which strip away food and energy products, climbed 1.7% annually, official data showed.

A hawkish Bank of England (BOE) sent the British pound surging on Thursday, a move that undermined the appeal of the U.S. dollar. The dollar index (DXY) fell 0.4% as the pound shot up 1.5%.

The BOE didn’t raise interest rates on Thursday, but sent a strong signal that rising inflation may warrant a rate hike in “the coming months.”

S&P 500 Index

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Sam Bourgi is a financial market analyst for economiccalendar.com. He has more than six years of progressive experience in economic and financial analysis, research consulting and sectoral analysis. As a published author in government, peer-reviewed, online and industry sources, he has developed a fundamental approach to the financial markets with a broad focus on stock indices, commodities and the technology sector. He earned his Bachelor’s Degree from the University of Windsor and Master’s degree from McMaster University.