NEW YORK, New York - U.S. stock markets closed with a mixed performance on Thursday, as a late-day slump in technology shares dragged the Nasdaq Composite into negative territory, while the Dow Jones Industrial Average managed a modest gain to notch another record high. The S&P 500 finished virtually unchanged, reflecting the tug-of-war between cyclical winners and growth-oriented losers.

"I think there are pretty big spillover effects from just really big inflation and technology supply chains," Jed Ellerbroek of Argent Capital Management told CNBC Thursday. Right now, however, the consumer is "strong enough to absorb these price increases," he said.

"Inflation is too high, but it's not out of control," Ellerbroek added.

The technology sector was not helped by a sharp drop in Apple, Inc shares, which shed $18.06 or 6.16 percent, to close Thursday at $275.11.

The Dow Jones Industrial Average extended its winning streak, climbing 71.72 points, or 0.14 percent, to close at a fresh all-time high of 51,920.62. The blue-chip index traded in a wide range between 51,857.78 and 52,655.66 during the session, briefly touching an intraday record before paring gains in the final hour of trading. The index has now surpassed its previous peak of 52,655.66, though it closed well below that level.

The Standard and Poor's 500 ended the day essentially flat, slipping a mere 0.33 points, or 0.00 percent, to settle at 7,357.89. The benchmark index fluctuated between 7,323.50 and 7,419.08, reflecting investor indecision ahead of key inflation data due on Friday. Trading volume on the S&P 500 reached 3.443 billion shares, slightly above the recent average.

The NASDAQ Composite underperformed its peers, falling 118.03 points, or 0.46 percent, to close at 25,358.60. The tech-heavy index was weighed down by weakness in megacap growth stocks, including semiconductor manufacturers and cloud computing firms, as rising Treasury yields prompted investors to rotate out of high-valuation names. The Nasdaq has now declined in three of the past four sessions, though it remains well above its 52-week low of 21,863.81.

Market breadth and sector performance

Despite the flat close for the S&P 500, market breadth was slightly positive, with advancing stocks outnumbering decliners by a narrow margin on the New York Stock Exchange. Energy and financials led the gainers, benefiting from higher oil prices and a steepening yield curve, while technology and consumer discretionary sectors were the primary laggards.

The Dow's advance was led by shares of Boeing and Caterpillar, which rose on optimism about industrial demand, while Apple and Microsoft weighed on the Nasdaq amid concerns about slowing growth in the artificial intelligence sector.

Investor focus turns to inflation data

The mixed session came as traders braced for Friday's release of the U.S. core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge. Economists expect the data to show inflation remaining above the central bank's 2 percent target, which could reinforce the Fed's cautious stance on interest rate cuts.

The S&P 500's 52-week range now stands between 6,107.27 and 7,620.90, while the Dow's range extends from 43,084.07 to its new intraday peak of 52,655.66. The Nasdaq's 52-week high remains at 28,056.10, set earlier this year.

All three major U.S. indexes remain firmly in positive territory for the year, with the Dow up approximately 12 percent, the S&P 500 gaining 14 percent, and the Nasdaq advancing 18 percent, underscoring the broader bullish sentiment that has prevailed despite recent volatility.

Looking ahead, traders will also monitor month-end portfolio rebalancing flows, which could amplify market movements on Friday. With no major earnings reports scheduled, the inflation data is likely to be the sole catalyst for directional trading in the final session of the week.

U.S. Dollar Steadies as Yen Stagnates; Pound and Loonie Gain Ground in Thursday FX Trading

The U.S. dollar traded in a narrow range against major currencies on Thursday, as foreign exchange markets showed muted reaction to mixed global equity signals and investors positioned ahead of key U.S. inflation data. The British pound and Canadian dollar posted modest gains, while the Japanese yen remained virtually flat against the greenback.

The euro edged higher against the dollar, with the EUR-USD pair last trading at 1.1378, marking a gain of 0.18 percent. The single currency found support from better-than-expected German industrial production data, though gains were capped by ongoing concerns over the European Central Bank's policy trajectory.

The Japanese yen was essentially unchanged, with the USD-JPY pair settling at 161.75, rising a mere 0.02 percent. The currency pair remained stuck near multi-decade lows for the yen as the interest rate differential between the U.S. and Japan continued to weigh on the Japanese currency, keeping intervention fears simmering in the background.

The British pound outperformed its G10 peers, with GBP-USD climbing to 1.3204, a gain of 0.27 percent. Sterling extended its recent rally after Bank of England Governor Andrew Bailey struck a more hawkish tone in parliamentary testimony, suggesting that interest rates may need to remain higher for longer to tame persistent services inflation. The pound traded within a tight range as markets priced in a slower pace of rate cuts from the BoE compared to other major central banks.

The Australian dollar also advanced against the greenback, with AUD-USD rising 0.19 percent to close at 0.6914. The so-called "Aussie" benefited from a broad rebound in commodity prices, particularly iron ore and gold, although gains were limited by ongoing caution over China's economic recovery.

The Canadian dollar strengthened as well, with USD-CAD falling 0.28 percent to 1.4194. The loonie found support from a modest uptick in crude oil prices, as Canada is a major oil exporter. The move lower in the pair came despite broader dollar resilience, suggesting that commodity-linked currencies were seeing selective buying interest.

The Swiss franc appreciated against the dollar, with USD-CHF declining 0.33 percent to 0.8095. The safe-haven currency attracted bids amid lingering geopolitical uncertainties, though trading volumes remained relatively thin as Swiss markets were closed for a national holiday.

Market sentiment and outlook

Currency traders largely shrugged off the day's mixed equity performance, with foreign exchange flows dominated by month-end positioning and carry trade dynamics. The dollar index, which measures the greenback against a basket of six major peers, remained near recent highs as U.S. Treasury yields held steady.

"FX markets are in a holding pattern ahead of Friday's U.S. personal consumption expenditures data, which will be the key driver for the dollar in the near term," Michael Yoshikami, chief investment officer at Destination Wealth Management, said Thursday. "The yen's stagnation despite verbal intervention warnings suggests markets are still betting on a wider rate differential, while sterling's strength reflects the BoE's relative hawkishness."

Traders are now turning their attention to the U.S. core PCE price index, the Federal Reserve's preferred inflation gauge, which is expected to show inflation remaining stubbornly above the central bank's 2 percent target. A hotter-than-expected reading could reinforce the Fed's cautious stance on rate cuts, providing additional support for the dollar.

Analysts noted that the USD-JPY pair's tight range near 162.00 remains a focal point for markets, with Japanese authorities repeatedly signaling they are prepared to intervene if the yen weakens further. "The 0.02 percent move in USD-JPY tells you everything you need to know about the current stalemate," said Yukio Ishizuki, senior currency strategist at Daiwa Securities. "Neither side wants to push too hard ahead of the U.S. inflation data."

For the euro, the 0.18 percent gain against the dollar offered some respite, though the common currency remains under pressure from the political uncertainty in France and Germany. The EUR-USD pair has traded in a range between 1.1270 and 1.1480 over the past two weeks, with Thursday's close at 1.1378 placing it squarely in the middle of that band.

Emerging market currencies were broadly mixed, with the Indonesian rupiah and South African rand showing modest strength, while the Mexican peso and Turkish lira remained under pressure. However, dollar liquidity remained ample as the week progressed, with no major dislocations reported in offshore funding markets.

Looking ahead, Friday's U.S. inflation data and month-end positioning are likely to dictate the next directional move for the dollar. With the Fed's next policy meeting still weeks away, currency markets may remain rangebound until clearer signals emerge on the trajectory of U.S. interest rates.

Global Stock Markets Close Mixed as Tech Surge Offsets Hong Kong Slump; Nikkei Jumps Over 4 Percent

World stock markets closed with sharp divergences on Thursday, as a blistering rally in Asian tech shares lifted Japan's Nikkei to a massive gain, while lingering concerns over Chinese economic growth dragged Hong Kong's Hang Seng into the red. UK and European bourses also finished higher, buoyed by a strong performance from the DAX in Frankfurt.

In a session defined by stark regional contrasts, Japan's Nikkei 225 delivered the day's most eye-catching performance, skyrocketing by 3,191.38 points, or 4.61 percent, to close at 72,366.34. The surge, which came on the back of a weakening yen and a global appetite for semiconductor-related stocks, pushed the index to new highs as investors shrugged off recent volatility.

In South Korea, the KOSPI Composite Index also saw a dramatic rebound, leaping 459.28 points, or 5.42 percent, to finish at 8,930.30, marking one of its best single-day performances in months.

Meanwhile, mainland China's SSE Composite Index posted a modest gain, adding 9.47 points, or 0.23 percent, to settle at 4,120.28, supported by late-session buying in financials and utilities.

However, the mood was far less sanguine in Hong Kong. The HANG SENG INDEX tumbled 335.27 points, or 1.43 percent, to close at 23,076.91, as investors fretted over disappointing earnings from major property developers and ongoing deflationary pressures in the Chinese economy. The index traded in a wide range between 22,978.59 and 23,388.50 during the session.

European markets finished firmly in the green, led by Germany's DAX P, which rose 254.47 points, or 1.03 percent, to end at 24,994.83. The index came within touching distance of the 25,000 mark, bolstered by strong corporate results from automakers and chemical giants.

In France, the CAC 40 added 46.12 points, or 0.55 percent, closing at 8,431.61, while the pan-European EURO STOXX 50 I advanced 52.83 points, or 0.85 percent, to finish at 6,267.53. The broader Euronext 100 Index also moved higher, gaining 10.45 points, or 0.55 percent, to end at 1,909.48.

London's FTSE 100 climbed 68.26 points, or 0.65 percent, to settle at 10,529.89, supported by a slightly stronger pound and rising energy shares.

In Belgium, the BEL 20 outperformed its larger peers with a gain of 60.39 points, or 1.06 percent, closing at 5,732.05.

In Canada, the S&P/TSX Composite index posted a solid gain, rising 114.12 points, or 0.33 percent, to finish at 34,850.21. The Toronto exchange was buoyed by strength in energy and financial sectors, with trading volume reaching 251.892 million shares. The TSX continues to trade near its all-time highs, supported by elevated commodity prices and a resilient domestic economy.

Asia-Pacific markets outside of Japan showed a mixed picture. Australia's S&P/ASX 200 fell 59.70 points, or 0.68 percent, to 8,748.70, while the broader ALL ORDINARIES dropped 61.00 points, or 0.68 percent, to 8,951.60, dragged down by mining and bank stocks.

Across the Tasman in New Zealand, the S&P/NZX 50 INDEX GROSS rose 92.39 points, or 0.69 percent, to 13,493.05

In a notable regional outlier, Taiwan's TWSE Capitalization Weighted Stock Index continued its upward momentum, adding 211.66 points, or 0.46 percent, to finish at a record 46,255.26.

Southeast Asian markets were mixed. Indonesia's IDX COMPOSITE rallied 115.16 points, or 1.96 percent, to 5,999.04, while in Malaysia, the FTSE Bursa Malaysia KLCI lost 18.31 points, or 1.09 percent, closing at 1,663.82.

Singapore's STI Index managed a fractional gain, adding 2.97 points, or 0.06 percent, to finish at 5,218.96, while in India, the S&P BSE SENSEX edged up 109.25 points, or 0.14 percent, to close at 77,100.47.

In the Middle East, Israel's TA-125 fell 51.02 points, or 1.25 percent, to 4,023.06, while in Egypt, the EGX 30 Price Return Index declined 267.80 points, or 0.52 percent, to settle at 51,443.10, on lower-than-average volume of 404.834 million shares.

In Africa, the Top 40 USD Net TRI Index in South Africa gained 127.87 points, or 1.95 percent, closing at 6,694.38.

(This report incorporates quotes retrieved with the assistance of artificial intelligence).

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