Wall Street drifts in subdued trading around last week's records

A mostly subdued day of trading Wednesday left stock indexes on Wall Street close to the all-time highs they set last week.

The Standard & Poor's 500 index rose 0.2% after drifting between small gains and losses most of the day. About 65% of the stocks in the benchmark index fell. The Dow Jones industrial average finished less than 0.1% higher, while the Nasdaq composite rose 0.5%. Several big stocks helped offset the broader decline in the S&P 500. Amazon.com rose 3.9%, surpassing $2 trillion in market value for the first time.

'The light will turn Friday morning, when the PCE numbers come out.” Wall Street expects the index to show that the rate of inflation eased to 2.6% in May, following a 2.7% reading in April. The Fed is trying to tame inflation back to its 2% target, but the rate has been sticky. The PCE has been hovering just below 3% for months. The better-known consumer price index has been hovering around 3% throughout 2024, though it was as high as 9.1% in the middle of 2022.

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