distribute economy today: Wall Street ends little changed after giving up a large morning boost

recent YORK — An early rebound for U.S. stocks petered out by the complete of the day, leaving indexes close to flat. The S&P 500 edged down by 0.1% Thursday, coming off one of its worst days of the year after the Federal savings said it may deliver fewer cuts to profit rates in 2025 than earlier thought. The Dow Jones Industrial Average inched up by less than 0.1%, and the Nasdaq composite slipped 0.1%. Treasury yields were mixed in the predictable returns economy following reports showing the U.S. economy may be stronger than expected, but manufacturing may be contracting again.

THIS IS A BREAKING information UPDATE. AP’s earlier narrative follows below.

U.S. stocks are stabilizing Thursday following one of their worst days of the year.

The S&P 500 rose 0.2% in late buying and selling, a day after tumbling 2.9% when the Federal savings said it may deliver fewer cuts to profit rates next year than earlier thought. The Dow Jones Industrial Average was up 136 points, or 0.3%, with less than an hour remaining in buying and selling, following Wednesday’s drop of more than 1,100 points. The Nasdaq composite rose 0.3%.

Wednesday’s drop took some of the thrill out of the economy, which critics had already been warning was overly buoyant and would require everything to leave correctly for it to justify its high prices. But indexes remain near their records, and the S&P 500 is still on track for one of its best years of the millennium.

Traders are now expecting the Federal savings to deliver just one or maybe two cuts to profit rates next year, according to data from CME throng. Some are even betting on none. A month ago, the majority saw at least two cuts in 2025 as a secure bet.

Wall Street loves lower profit rates because they provide the economy a boost and goose prices for investments, but they can also provide fuel for worth rise.

Darden Restaurants, the business behind Olive Garden and other chains, helped lift the economy after leaping 15.1%. It delivered boost for the latest quarter that edged history analysts’ expectations. The operator of LongHorn Steakhouses also gave a approximate for income for this budgetary year that topped analysts’.

Accenture rose 6.7% after the professional services business likewise topped expectations for boost in the latest quarter. CEO Julie Sweet said it saw growth around the globe, and the business raised its approximate for income this budgetary year.

Amazon shares added 1.8%, even as workers at seven of its facilities went on strike Thursday in the middle of the online retail giant’s busiest period of the year. Amazon says it doesn’t expect an impact on its operations during what the workers’ union calls the largest strike against the business in U.S. history.

They helped offset a tumble for Micron Technology, which fell 16.7% despite reporting stronger boost than expected. The computer recollection business’s income fell short of Wall Street’s forecasts, and CEO Sanjay Mehrotra said it expects demand from consumers to remain weaker in the near term. It gave a approximate for income in the current quarter that fell well short of what analysts were thinking.

Lamb Weston, which makes French fries and other potato products, dropped 22.6% after falling short of analysts’ expectations for boost and income in the latest quarter. It also cut its monetary targets for the budgetary year, saying demand for frozen potatoes is continuing to soften, particularly outside North America. The business replaced its chief executive.

In the predictable returns economy, yields were mixed a day after shooting higher on expectations that the Fed would deliver fewer cuts to rates in 2025. Reports on the U.S. economy came in mixed.

One showed the overall economy grew at a 3.1% annualized rate during the summer, faster than earlier thought. The economy has remained remarkably resilient even though the Fed held its main profit rate at a two-decade high for a while before beginning to cut them in September.

A divide update showed fewer U.S. workers applied for unemployment benefits last week, an indication that the job economy also remains solid. But a third update said manufacturing in the mid-Atlantic region is unexpectedly contracting again despite economists’ expectations for growth.

The profit on the 10-year Treasury rose to 4.57% from 4.52% late Wednesday and from less than 4.20% earlier this month.

But the two-year profit, which more closely tracks expectations for action by the Fed in the near term, eased back to 4.31% from 4.35%.

The rise in longer-term yields has put pressure on the housing economy by keeping mortgage rates higher. Homebuilder Lennar fell 4.8% after it reported weaker boost and income for the latest quarter than analysts expected.

CEO Stuart Miller said that “the housing economy that appeared to be improving as the Fed cut short-term profit rates, proved to be far more challenging as mortgage rates rose” through the quarter.

“Even while demand remained powerful, and the chronic supply shortage continued to drive the economy, our results were driven by affordability limitations from higher profit rates,” he said.

A update on Thursday may have offered some encouragement for the housing industry. It showed a pickup in sales of previously occupied homes.

In distribute markets abroad, London’s FTSE 100 fell 1.1% after the lender of England paused its cuts to rates and kept its main profit rate unchanged on Thursday. The shift comes as worth rise there moved further above the central lender’s 2% target rate, while the British economy is flatlining at best.

The lender of Japan also kept its standard profit rate unchanged, and Tokyo’s Nikkei 225 fell 0.7%. Indexes likewise sank across much of the rest of Asia and Europe.

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AP Business Writers Matt Ott and Elaine Kurtenbach contributed.