- Sean 'Diddy' Combs sex trafficking trial set for May 2025
- Bolivia stun Colombia in World Cup qualifiers
- Internet Archive reels from 'catastrophic' cyberattack, data breach
- Greece earn late win against England in Nations League, Italy-Belgium stalemate
- Trump biopic 'The Apprentice' hits US theaters weeks before election
- Pavlidis dedicates 'special' Greece win over England to tragic Baldock
- Wall Street stocks retreat from records on US inflation data
- 'Like a quake': Beirut shaken after deadliest strikes on centre
- Fallen giants Ghana in AFCON trouble after Sudan draw
- Asian leaders meet in Laos with US, Russia on world turmoil
- England gamble backfires as Pavlidis fires emotional Greece to victory
- Obama stumps for Harris, Trump talks US protectionism
- New-look France ease past Israel in Nations League
- Belgium fight back to draw with 10-man Italy in Nations League
- 'Get a life': Hurricane whips up US election storm
- Japan stay perfect in World Cup qualifying
- Relief as Lebanon evacuees dock in Turkey
- Lebanon says 22 dead in Israeli strikes on central Beirut
- NBA boss Silver sees games back in China 'at some point'
- Israel strikes central Beirut, killing 22
- Table tennis and Netflix push Ukraine teen into French Open contention
- Civilians flee Gaza's Jabalia in tightening Israeli siege
- Israel strikes central Beirut, killing 18
- At least 10 dead in Florida from tornadoes caused by Hurricane Milton
- Warhol's rare 'Queen' collection opens at Dutch museum
- Three-time NBA champion Green retires
- MLB Twins up for sale after 40 years
- S.Sudan floods affect 893,000, over 241,000 displaced: UN
- Solar storm could impact US hurricane recovery efforts: agency
- Windies sweat on injury to 'crucial' Taylor at World Cup
- Lebanon says 11 dead, 48 injured in Israeli strikes on Beirut
- Panama lashes out at EU over tax haven 'outrage'
- Erdogan says Gaza 'shame of humanity', calls for permanent ceasfire
- TD Bank to pay more than $3 bn to US in money-laundering case
- SAfrica prosecutors drop criminal complaint against president
- 'Good opportunity': Nagelsmann upbeat despite Germany's long injury list
- Hurricane whips up bitter US election battle
- Cameroon bans media talk of president's health amid rumours
- NFL MVP Jackson and rookie phenom Daniels set for showdown
- Chad's capital under threat as floodwaters rise
- Lebanon state media says Israeli strikes hit central Beirut
- No answers on strike on reporters in Lebanon one year on: watchdog
- Ramharack picks four wickets as Windies beat Bangladesh in Women's T20 World Cup
- France's City of Light switches to climate-resilient power cables
- Djokovic hails Nadal 'legacy' as Alcaraz in 'shock' over retirement
- Obama hits campaign trail for Harris
- Delta eyes Election Day travel pullback as profits climb
- Djokovic tells Nadal: 'Your legacy will live forever'
- Ethel Kennedy, wife of RFK, dead at 96
- Zelensky denies ceasefire with Russia under discussion on trip
Stock markets drift into Easter break
US and European stock markets drifted Thursday heading into the Easter break, with traders still focused on inflation and the outlook for interest rates.
The broad-based S&P 500 -- which hit another record a day earlier -- and the blue-chip Dow both edged higher in midday trading, while the tech-heavy Nasdaq dipped.
In Europe, London hit a one-year high while Frankfurt inched higher and Paris ended flat.
European stock markets will be closed both Friday and Monday for a long Easter holiday. Wall Street will be closed on Good Friday but reopens Monday.
Asian indices closed mixed after a Federal Reserve official floated the idea of delaying or reducing cuts to US interest rates, boosting the dollar.
The yen steadied having hit a 34-year low against the dollar on Wednesday. Oil prices rose more than one percent on persistent concerns over the possibility of tight supplies.
Major stock markets "are still hovering around record levels, and market optimism remains high", said Pierre Veyret, analyst at ActivTrades.
"Investors continue to bet on upcoming rate cuts from central banks around the world."
The US Federal Reserve, the European Central Bank and the Bank of England have paused their rate hike campaigns as inflation has slowed but remains elevated, fuelling speculation on when they will start cutting borrowing costs.
A recent market rally has started to peter out as traders assess the outlook for US monetary policy, with a string of above-forecast inflation and economic data leading some to question whether the Fed can stick to its projection of three cuts this year.
Confidence has not been helped by comments from Fed officials in the past week.
"Nothing is settled when it comes to the timing of rate cuts in the US and elsewhere, and, in our view this is the key theme that will drive markets in Q2 (the second quarter)," said Kathleen Brooks, research director at XTB.
The US Commerce Department made a surprise upward revision Thursday to fourth-quarter GDP growth, to an annual rate of 3.4 percent, but analysts noted this was backward-looking information.
But it would reinforce the belief that the economy performed better than anticipated despite the Fed holding interest rates at elevated levels, said Patrick O'Hare of Briefing.com.
Initial jobless claims decreased for the week ending March 23, with the relatively low level suggesting employment conditions were still favourable for economic growth, he added.
Attention moves to the release Friday of the personal consumption expenditures (PCE) index -- the Fed's preferred gauge of inflation -- which is expected to show a slight rise.
"Many are concerned that it could tick higher, just as CPI (consumer prices) and PPI (wholesale prices) did earlier this month," said David Morrison, senior market analyst at Trade Nation.
Even if the prospect of rate cuts recedes, the equities narrative remains positive according to Chris Beauchamp at online trading platform IG.
"The carrot of rate cuts continues to be dangled in front of investors, but the real story is the rebound in earnings over the past year, with further growth expected in the first quarter according to current forecasts," he said.
With the first quarter ending this week, companies are to begin
- Key figures around 1630 GMT -
New York - Dow: UP less than at 39,782.52 points
New York - S&P 500: UP less than 0.1 percent at 5,253.13
New York - Nasdaq Composite: DOWN less than 0.1 percent at 16,391.90
London - FTSE 100: UP 0.3 percent at 7,952.62 (close)
Paris - CAC 40: FLAT at 8,205.81 (close)
Frankfurt - DAX: UP less than 0.1 percent at 18,492.49 (close)
EURO STOXX 50: FLAT at 5,083.42 (close)
Tokyo - Nikkei 225: DOWN 1.5 percent at 40,168.07 (close)
Hong Kong - Hang Seng Index: UP 0.9 percent at 16,541.42 (close)
Shanghai - Composite: UP 0.6 percent at 3,010.66 (close)
Dollar/yen: DOWN at 151.29 yen from 151.34 yen on Wednesday
Euro/dollar: DOWN at $1.0802 from $1.0831
Pound/dollar: UP at $1.2643 from $1.2641
Euro/pound: DOWN at 85.45 pence from 85.66 pence
Brent North Sea Crude: UP 1.4 percent at $87.31 per barrel
West Texas Intermediate: UP 1.7 percent at $82.69 per barrel
burs-rl/jj
A.Malone--AMWN