Stock market today: Wall Street edges lower despite solid data on the economy

NEW YORK (AP) — U.S. stock indexes edged lower Thursday following another reminder that big, unsettling policy changes are underway because of President Donald Trump, along with more signals suggesting the U.S. economy remains solid for now.

The S&P 500 slipped 0.2% after flipping between modest gains and losses through the day. The Dow Jones Industrial Average dipped by 11 points, or less than 0.1 %, and the Nasdaq composite fell 0.3%.

Wall Street has been swinging for weeks on a roller-coaster ride, as stock prices veer on uncertainty about what Trump’s trade war will do to the economy. Stocks got a boost Wednesday after the head of the Federal Reserve said the economy remains solid enough at the moment to leave interest rates where they are.

More data arrived Thursday to bolster that view. One report said slightly fewer U.S. workers filed for unemployment benefits last week than economists expected. It’s the latest sign of a potentially “low fire, low hire” job market.

A separate report said sales of previously occupied homes were stronger last month than economists expected, while a third said manufacturing growth in the mid-Atlantic region appears to be better than economists expected.

But Fed Chair Jerome Powell also stressed on Wednesday that extremely high uncertainty is making it difficult to forecast what will happen next.

It’s not just uncertainty about the trade war affecting Wall Street. Accenture fell to one of the market’s larger losses Thursday even though the consulting and professional services company reported slightly better profit and revenue for the latest quarter than analysts expected.

Worries are rising about the hit Accenture may take to its revenue from the U.S. government as Elon Musk leads efforts to cut federal spending. The federal government accounted for 17% of Accenture’s North American revenue last fiscal year, and its stock sank 7.3%.

The broad U.S. stock market was likely due for its recent drop, which took it more than 10% below its all-time high in just a few weeks, after prices climbed much faster than corporate profits to make it look too expensive, according to Barry Bannister, chief equity strategist at Stifel.

He said the S&P 500 could bounce higher in the near term, particularly after Fed officials indicated Wednesday they see room to cut interest rates twice this year. Lower interest rates would give a boost to the economy, as well as prices for investments. The market has also traditionally had “relief rallies” after major, long-term upward runs for stocks cracked, Bannister said.

But he expects stock prices to remain under pressure as the economy’s growth slows more sharply in the second half of the year and as inflation remains stubbornly high. That could create a mild form of “stagflation,” which is something the Fed doesn’t have good tools to fix. The Fed could lower interest rates further to help the economy, but that would also push upward on inflation.

On Wall Street, Darden Restaurants climbed 5.8% after reporting profit for the latest quarter that matched analysts’ expectations. That was despite what the company behind Olive Garden, Ruth’s Chris Steak House and other restaurant chains called “a challenging environment.”

All told, the S&P 500 slipped 12.40 points to 5,662.89. The Dow Jones Industrial Average dipped 11.31 to 41,953.32, and the Nasdaq composite fell 59.16 to 17,691.63.

In stock markets abroad, London’s FTSE 100 fell 0.1% after the Bank of England held its main interest rate steady.

Indexes fell more sharply across much of the rest of Europe, and German stocks in the DAX lost 1.2%. The drop was even worse in Hong Kong, where the Hang Seng index fell 2.2% following heavy pressure on tech-related stocks.

In the bond market, the yield on the 10-year Treasury fell to 4.23% from 4.25% late Wednesday.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

People work on the floor at the New York Stock Exchange in New York, Wednesday, March 19, 2025. (AP Photo/Seth Wenig)

A general view of the skyline of commercial buildings, in London, Wednesday, March 19, 2025. (AP Photo/Kin Cheung)

People work on the options floor at the New York Stock Exchange in New York, Wednesday, March 19, 2025. (AP Photo/Seth Wenig)

People work on the options floor at the New York Stock Exchange in New York, Wednesday, March 19, 2025. (AP Photo/Seth Wenig)

People work on the floor at the New York Stock Exchange in New York, Wednesday, March 19, 2025. (AP Photo/Seth Wenig)

Federal Reserve Chair Jerome Powell speaks during a news conference after the Federal Open Market Committee meeting, Wednesday, March 19, 2025, at the Federal Reserve in Washington. (AP Photo/Jacquelyn Martin)

A news conference by Federal Reserve Chair Jerome Powell is displayed on the floor of the New York Stock Exchange in New York, Wednesday, March 19, 2025. (AP Photo/Seth Wenig)

ISLAMABAD (AP) — Pakistan’s premier Twenty20 cricket tournament resumes Saturday after a ceasefire between India and Pakistan was achieved. There will be a handful of foreign players returning for the remaining eight games.

The Pakistan Super League was suspended on May 9 but last weekend Pakistan and India agreed to a ceasefire after talks to defuse their most serious military confrontation in decades.

The Indian Premier League, also suspended due to the outbreak between the countries, will also resume this weekend.

PSL organizers first proposed moving the tournament to Dubai but later decided to postpone it after foreign players were reluctant to participate in the tournament due to security concerns. Around 43 foreign cricketers — competing on six PSL teams — were flown out of Pakistan from an airbase in Rawalpindi.

Rawalpindi will host the remaining four league matches between May 17-19 before Lahore hosts the playoffs from May 21, including the final at Gaddafi Stadium on May 25.

Zimbabwean all-rounder Sikander Raza is among some of foreign players who have returned to Pakistan. Raza, who plays for Lahore Qalandars, is available for Lahore’s crucial last league game against Peshawar Zalmi on Sunday before he flies to England for test duty starting next week.

Raza will not be available for Lahore if the two-time champions qualify for the playoffs due to his test commitments.

He said that if the PSL resumed, he planned to return to Pakistan, even for just one match.

“I was very clear in my head that I was always going to go back,” Raza told The Associated Press as he trained with his teammates at Islamabad Club ground on Thursday.

“This PSL is not just about winning a trophy, there’s a lot more to it. All the overseas (players) that have come back, whether they’re in Pakistan or India, I think credit must be given to them because cricket unites and the whole purpose of sports all around the world is to unite cultures, countries.”

Lahore will also have Sri Lanka batter Bhanuka Rajapaksa and Bangladesh all-rounder Shakib Al Hasan for its must-win last league game against the Babar Azam-led Peshawar side after Tom Curran and Daryl Mitchel were ruled out due to injuries.

Raza said it was tough for the families of all the players living abroad after there was escalation at the borders.

“Whether it’s Pakistan or India, what happened was tough for everybody,” Raza said. “Sometimes when you’re on the ground, things may not be as bad, but (for) people back home watching TV, sometimes it’s very hard to control what media tells you.”

Lahore team director Sameen Rana said it was important that the PSL returns to finish the season.

“There’s a lot of uncertainty and the conditions which were happening on the ground was not the best, it's unfortunate,” Rana said. “But from our perspective . . . the important thing is that the PSL is resuming, and that’s what matters.”

Defending champions Islamabad United has brought in Alex Hales of England and Rassie van Dussen of South Africa after initially picking both of them in the supplementary draft while Ben Dwarshuis of Australia is flying back to rejoin the team.

Islamabad, the three-time PSL champions, won five games in a row at the start of the season before four successive defeats.

Finn Allen of New Zealand and Rilee Rossouw of South Africa are rejoining first-place Quetta Gladiators, who have 13 points, three points ahead of Karachi and Islamabad.

Karachi is expecting to have its captain David Warner back from Australia in time to lead the team against Peshawar on Saturday.

AP cricket: https://apnews.com/hub/cricket

Motorcyclists drive past an advertisement of Pakistan Super League Twenty20 tournament displayed along a roadside in Lahore, Pakistan, Friday, May 9, 2025. (AP Photo/K.M. Chaudary)

Workers prepare an enclosure of the Rawalpindi Cricket Stadium following the Pakistan Super League resumption, in Rawalpindi, Pakistan, Thursday, May 15, 2025. (AP Photo/W.K. Yousufzai)

Workers carries chair as they prepare ground at the Rawalpindi Cricket Stadium following the Pakistan Super League resumption, in Rawalpindi, Pakistan, Thursday, May 15, 2025. (AP Photo/W.K. Yousufzai)

A worker cleans an enclosure of the Rawalpindi Cricket Stadium following the Pakistan Super League resumption, in Rawalpindi, Pakistan, Thursday, May 15, 2025. (AP Photo/W.K. Yousufzai)