Chipmaker Nvidia was among the big gainers in the technology sector in early trading Thursday. The stock climbed 2.3%. CenturyLink led the gainers in the communications sector, rising 1.3%.
Banks also helped lift the market. They got a boost from a pickup in the yield on the 10-year Treasury note, which rose to 2.08% from 2.06% late Wednesday. When bond yields rise, they push interest rates on mortgages and other loans higher, making them more profitable for lenders. Goldman Sachs Group gained 0.9%.
Energy stocks were the biggest laggard. Cimarex Energy dropped 1%. Real estate and materials stocks also fell.
KEEPING SCORE: The S&P 500 rose 0.1% as of 10:12 p.m. Eastern Time. The Dow gained 103 points, or 0.4%, to 26,965. The Nasdaq composite gave up an early gain, dipping by less than 0.1%. European and Asian markets were broadly higher.
CONSUMER PRICES: The Labor Department said Thursday that the consumer price index increased 1.6% in June from a year earlier. That is down from 1.8% in May and the second straight drop. It rose 2.1% from a year ago.
Inflation has been muted throughout the 10-year expansion, now the longest on record, even as the unemployment rate has dropped to a very low 3.7%. Federal Reserve Chairman Jerome Powell cited persistently low inflation on Wednesday as a justification for potentially lowering short-term interest rates at the Fed’s next meeting in late July.
TRADE TENSIONS: Retaliatory tariffs remain a worry for markets.
While China-U.S. trade tensions have calmed with a resumption of talks by phone between top envoys, friction with France looms after President Donald Trump’s administration launched an investigation into French plans for a special tax targeting big tech companies.
HIGH FLYER: Delta Air Lines climbed 1.6% after it reported that its second-quarter profit jumped 39%, beating Wall