The S&P 500 rose on Thursday to post a fourth consecutive record close as traders weighed more data showing inflation pressures may be easing.

The broad market index climbed 0.23% to end at 5,433.74, while the Nasdaq Composite advanced 0.34% and closed at 17,667.56. Thursday marked the fourth straight closing record for both S&P 500 and the Nasdaq. The Dow Jones Industrial Average was the underperformer: It slipped 65.11 points, or 0.17%, to end at 38,647.10.

The S&P 500 and Nasdaq hit record levels this week, boosted by fresh data showing signs of inflation pressures cooling.

May's producer price index fell 0.2% from the prior month. Economists polled by Dow Jones expected an increase of 0.1%. That report comes a day after the Bureau of Labor Statistics posted consumer price index data for May that came in below the Street's expectations.

Thursday's data also follows a Federal Reserve policy decision. The Fed kept rates unchanged, but noted there has been progress made on the inflation front. That said, the central bank lowered its rate cut expectations for 2024 to one from its prior estimate of three.

"We can eliminate the possibility of an interest rate hike from here. That's something in our framework that's supportive for valuations across equities and credit," said Zachary Hill, head of portfolio management at Horizon Investments. "Our baseline expectation right now is we're going to continue to grind higher in an equity markets."

Broadcom shares surged more than 12% after the chipmaker topped fiscal second-quarter expectations and announced a 10-for-1 stock split. On the other hand, Dave & Buster's Entertainment shares dropped nearly 11% after the company's first-quarter revenue missed estimates.

Generac and Paramount Global, respectively down 4.6% and 6.9%, were among the notable losers in the S&P 500. The streaming service dipped after National Amusements killed its discussions with Skydance on a proposed merger. Salesforce and Amazon, respectively down 2.9% and 1.6%, contributed to the Dow's decline.

Correction: Economists polled by Dow Jones expected PPI to rise by 0.1%. A previous version mischaracterized the estimate.

Apple shares catch a tailwind and reach a 'golden cross'

After a lackluster start to the year compared to other big tech stocks, Apple (AAPL) is finally catching some uptrend. The tech giant is now flaunting a "golden cross," a chart pattern where the stock's 50-day moving average crosses above an ascending 200-day moving average. This pattern is often seen as a sign of strong momentum and a potential indicator of more gains ahead.

But here's the thing: History tells us that Apple's golden crosses are a mixed bag. Since the "iPod era" (remember that game-changer from 2001?), AAPL has shown have been six golden crosses. Of those six occurrences, the stock has been negative over the following week five times, with an average dip of nearly 4%. Over a month, it's been in the red three out of six times, giving you a 50/50 shot at losing money, with an average loss of 0.7%.

But don't despair, Apple bulls! Looking at the long game, four out of those six golden crosses saw the stock in the green a year later, boasting an average gain of more than 20%. So, while the short term might be a bit of a rollercoaster, the long-term outlook is much rosier.

—Nick Wells

S&P, Nasdaq rally to yet another closing record

The S&P 500 and Nasdaq Composite rose to yet another closing record on Thursday afternoon.

The broad market index added 0.23% to settle at 5,433.74, while the tech-heavy Nasdaq gained 0.34% to finish at 17,667.56. On the other hand, the Dow Jones Industrial Average slipped 0.17% to close at 38,647.10.

— Lisa Kailai Han

By one measure, last time market breadth was this poor was during internet bubble of 1999, BTIG says

By one yardstick, the U.S. stock market is more "lopsided" today than at any point since 1999, according to BTIG chief market technician Jonathan Krinsky.

In late morning trading Thursday, the S&P 500 was about 4% above its 50-day moving average, while only about 43% of the individual stocks in the index were above their 50-day moving averages, BTIG said. Since 1990, the only other times when the S&P 500 was 4% or more above its 50-DMA with so few stocks above theirs "came in December 1999, a few months before the tech bubble top," Krinsky wrote.

"In fact, the only time since 1990 when SPX was 4% or more above its 50-DMA with less than 50% of components above their 50-DMA came in 1999 and yesterday/today," BTIG told clients. That doesn't necessarily mean the stock market indexes are on the verge of rolling over, "but along with any other breadth metrics do warrant caution. We got cool inflation data from CPI and PPI, and yet small-caps are basically unchanged from Tuesday's close. At some point we have to wonder why can't breadth improve in the face of what should be good data for breadth expansion?," Krinsky asked.

— Scott Schnipper

Where the major averages stand

Here's where the major averages stand for the day going into the market's close:

• The S&P 500 is up 0.24%.
• The Nasdaq Composite is up 0.36%.
• The Dow Jones Industrial Average is down 0.10%.
• The Russell 2000 is down 0.98%.

— Lisa Kailai Han

Tech stocks lead S&P 500 higher

Technology stocks were the highest performers during Thursday's trading session.

The sector was last up 1.1%. Only two other sectors in the S&P 500 were also trading positive: real estate and utilities.

On the other hand, industrials were the biggest laggard of the day, down 0.8%.

— Lisa Kailai Han

Signet slides as CEO calls environment 'challenging'

Signet Jewelers tumbled more than 13% as investors analyzed the latest earnings report and commentary around softness in the consumer.

The Bermuda-based company posted $1.11 per share on $1.51 billion in revenue for the first quarter. Analysts polled by FactSet had estimated just 85 cents earned per share, but for revenue to come in slightly higher at $1.52 billion.

Management also cited pressures on the consumer that are weighing on the business during a call with analysts following the financial report.

"This continues to be a challenging environment with macro pressure on the consumer and heightened discount activity among many jewelry participants," CEO Virginia Drosos said.

— Alex Harring, Sean Conlon

The Fed is unlikely to make one-off rate cuts, portfolio manager says

Based on Fed Chair Jerome Powell's comments from yesterday, investor Zachary Hill believes that the U.S. central bank is signaling its preference to engage in a rate hiking cycle, rather than one-off cuts.

"Chair Powell alluded to it in the press conference yesterday, where he said the impact of one 25 basis point-cut on the outlook of the economy, when viewed from a longer lens, is basically impossible to distinguish," the portfolio manager at Horizon Investments told CNBC. "I think that's an interesting comment and important for thinking about rates and also what they're forecasting in their SEP, which is that the Fed does not want to just cut 25 basis points and then have their hands tied and wait."

Instead, Hill pointed to the Fed's rate cut forecast in 2024, where he said the central bank is forecasting one cut per quarter. That's evidence, he said, that the Fed is wants to engage in a cycle of rate cuts.

— Lisa Kailai Han

Stocks making the biggest moves midday

Here are the stocks on the move midday:

Broadcom – Shares of the chipmaker surged around 12% after the company beat earnings and revenue estimates for the fiscal second quarter and announced a 10-for-1 stock split. Adjusted earnings per share came in at $10.96 and revenue was $12.49 billion. Analysts polled by LSEG expected earnings of $10.84 per share and revenue of $12.03 billion. Data storage and artificial intelligence plays Super Micro Computer, Arista Networks and Nvidia also rose, adding 10%, 4% and 2%, respectively.

Signet Jewelers – Shares plummeted more than 13% on the heels of the company reporting mixed earnings results for the first quarter. Signet posted adjusted earnings of $1.11 per share and revenue of $1.51 billion. Analysts polled by FactSet had expected earnings of 85 cents per share and revenue of $1.52 billion. Company management also noted in their earnings call with analysts that there continues to be pressure on the consumer and that discount activity has been heightened among many jewelry participants.

Dave & Buster's – The stock fell almost 10% after the entertainment and restaurant chain's sales for the first quarter missed expectations. The company reported revenue of $588 million, which is below the $621 million analysts had expected, per LSEG.

Read the full list here.

— Sean Conlon

10 stocks in the S&P 500 hit new 52-week highs

10 stocks in the S&P 500 index hit new 52-week highs during Thursday's trading session.

Of these names, nine tickers reached new all-time highs. Names that hit this milestone included:

• Chipotle Mexican Grill
• Arista Networks
• Broadcom LTD
• Hewlett Packard Enterprise
• Lam Research
• Motorola Solutions
• Micron
• NVIDIA
• Oracle
• Qualcomm

— Lisa Kailai Han, Christopher Hayes

Dave & Busters heads for worst day since 2022

Dave & Buster's shares were on track to see their worst daily performance going back to 2022 following a weak revenue report.

The family entertainment venue operator dropped around 10.5% in Thursday midday trading. If that holds through session close, it would mark its worst day since September 2022, when it tumbled more than 14% in a session.

Thursday's drop follows worse-than-expected sales figures for the first quarter. Dave & Buster's posted $588 million in revenue, well under the $621 million consensus estimate from analysts polled by LSEG.

— Alex Harring

Oil prices could drop to $60 per barrel in 2025 as surplus looms, Citi says

The world is facing a major surplus of oil in the coming year that could push the price of global benchmark Brent down to $60 per barrel, according to commodity analysts at Citi.

Oil supply will outpace demand next year as production grows in North America, Brazil and Guyana while consumption softens due to energy efficiency gains and electric vehicle adoptions, the analysts said. At the same time, OPEC+ is planning to start rolling barrels back onto the market.

Brent prices could fall below $50 per barrel by the end of next year in the bank's most bearish scenario.

— Spencer Kimball

GameStop plunged late Wednesday with huge volume in the call options owned by ‘Roaring Kitty’

GameStop shares dropped in late afternoon trading Wednesday, just as the trading volume spiked in the call options that meme stock leader "Roaring Kitty" owns.

GameStop calls with a $20 strike price and expiration on June 21 traded a whopping 93,266 contracts Wednesday, more than nine times its 30-day average volume of 10,233 contracts.

The price of these contracts dropped more than 40% during the session, while the stock plunged 16.5%.

Roaring Kitty, AKA Keith Gill, owned 120,000 contracts of those calls, according to a screenshot he shared Monday evening. It is unclear if it was indeed Roaring Kitty behind the large volume, but options traders said he could be involved given he is such a large holder of those contracts.

The meme stock inched up 1% in morning trading Thursday. The video game company is set up host its annual meeting at 11 a.m. ET.

— Yun Li

Don't be fooled. Stocks look uniformly stronger, until you check under the hood

For a stock market that keeps making all-time highs in the S&P 500 and Nasdaq Composite index, market breadth — which measures the number of stocks that are rising and falling or the relative improvement (or deterioration) in a broad swath of prices — is pretty lousy.

"[G]rowing breadth divergences and increasingly narrow leadership are among the technical risk factors that the bull market will have to contend with in the second half," Ned Davis Research told clients Wednesday. "Both factors have shown themselves at the sector level as well, especially for the largest sector, Technology."

Take a look at the market around 10 a.m. ET Thursday. While the S&P 500 and Nasdaq Composite were again trading at what would be new closing highs, the NYSE Composite tape is lower by about two-thirds of 1%, and the number of New York Stock Exchange issues that are lower is swamping the number of gainers, 1744 to 779.

The same is true over on the Nasdaq, where decliners are beating advancers 2005 to 1318. The percentage of all the shares on the NYSE that traded on an uptick Thursday is just under 28%, according to FactSet data, but is better on Nasdaq, at about 59%.

— Scott Schnipper

Broadcom pops on earnings beat

Shares of Broadcom jumped nearly 14% Thursday morning, following the chipmaker's earnings beat postmarket Wednesday. Broadcom also announced a 10-for-1 stock split.

Adjusted earnings per share came in at $10.96 for the company's fiscal second quarter, topping the $10.84 expected from analysts polled by LSEG. Revenue also came in better than expected at $12.49 billion, versus the $12.03 billion consensus estimate.

Broadcom attributed $3.1 billion in quarterly sales to revenue from artificial-intelligence products.

The company also said it expects $51 billion in sales for the full fiscal year, an increase over its prior forecast and above the consensus estimate of $50.42 billion.

— Michelle Fox, Kif Leswing

S&P 500 opens higher

The S&P 500 opened higher on Thursday morning.

The broad market index added 0.3%, while the Nasdaq Composite popped 0.6%. The Dow Jones Industrial Average lost 120 points, or 0.4%.

— Lisa Kailai Han

PPI unexpectedly falls in May

The producer price index, a gauge of what wholesalers pay for raw goods, unexpectedly fell 0.2% last month. Economists polled by Dow Jones expected PPI to have increased 0.1%.

— Fred Imbert

See the stocks moving before the bell

Here's some of the stocks making big moves in Thursday's premarket:

• Tesla — The electric vehicle maker jumped 7% after CEO Elon Musk said his $56 billion pay package and a resolution to move the company's incorporation to Texas were both set to pass a shareholder vote.
• Broadcom — Shares jumped nearly 14% after the chipmaker posted an earnings and revenue beat and announced a 10-for-1 stock split.
• Dave & Buster's — Shares of the entertainment and restaurant chain fell 10% after first-quarter sales missed expectations.

Click here for the full list.

— Alex Harring

Wednesday's CPI print should boost confidence of slowing U.S. inflation, UBS says

May's consumer price index readings should alleviate investor concerns that inflation is picking back up, according to UBS.

The latest inflation print reading showed that inflation was unchanged in May, with estimates coming in below economists' expectations.

"The release adds to our confidence that the trend toward slower US inflation, which went into reverse in the first three months of the year, is back on track," UBS wrote in a Thursday note.

The bank added that the report should also ease concerns over the threat of economic overheating, since it indicates that activity is gradually cooling.

— Lisa Kailai Han

Tesla rises after Elon Musk says shareholders on track to approve $56 billion pay package

Tesla shares were up more than 5% in the premarket after CEO Elon Musk said in a post on X that shareholders were on track to approve his massive $56 billion pay package. He also said another resolution to transfer the company's state of incorporation to Texas from Delaware was also headed for approval.

To be sure, Musk did not provide specifics on the votes, just saying they were passing by "wide margins."

— Fred Imbert

Europe stocks open lower

European stocks opened lower Thursday, with the regional Stoxx 600 index down 0.26% at the open.

Travel and autos led losses, both down around 0.8%.

— Jenni Reid

May's producer price index set for release Thursday

Another inflation reading is due out on Thursday.

The May producer price index is expected to have risen 0.1% last month, according to economists polled by Dow Jones. That is down from a 0.5% increase the prior month.

— Sarah Min

Stocks making the biggest moves after hours

Here are the names making the biggest moves in extended trading:

• Broadcom — Shares jumped 13% after Broadcom topped fiscal second-quarter expectations and announced a 10-for-1 stock split. The chipmaker posted adjusted earnings of $10.96 per share on revenue of $12.49 billion. Analysts polled by LSEG had anticipated earnings per share of $10.84 on revenue of $12.03 billion.
• Dave & Buster's Entertainment — Shares dropped 9.5% after Dave & Buster's quarterly revenue fell short of expectations. The restaurant and entertainment business posted revenue of $588 million in its first quarter, below the LSEG consensus estimate of $621 million. 
• Oxford Industries — The stock dipped 2.9% after the apparel company behind Tommy Bahama and other brands posted first-quarter earnings and revenue that missed estimates. Oxford Industries reported adjusted earnings of $2.66 per share on revenue of $398.2 million. Analysts polled by FactSet had anticipated earnings of $2.68 per share on revenue of $404.8 million. 
• Virgin Galactic — Shares of the space tourism company plunged 16% after Virgin Galactic said its board of directors approved a 1-for-20 reverse stock split.

— Sarah Min

S&P 500 futures open higher

S&P 500 futures opened higher Wednesday night.

S&P 500 futures and Nasdaq 100 futures climbed 0.13% and 0.48%, respectively. Dow Jones Industrial Average futures fell 25 points, or 0.06%.

— Sarah Min