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)

LOS ANGELES (AP) — Nadia Comaneci, Apolo Ohno, Bart Conner and Cullen Jones were among the more than 300 Olympic and Paralympic athletes who gathered Tuesday under the peristyle at the Los Angeles Memorial Coliseum, where the Summer Games will open in 2028.

In an effort to promote Wednesday's registration launch for tickets to the Los Angeles Games, the athletes representing 28 different Olympics dating to 1960 joined Janet Evans in a short countdown to the lighting of the Olympic Cauldron against a clear blue winter sky.

“LA is committed to delivering an athlete-centered games and that can only happen if athletes are actually at the center of our planning,” said Evans, the Olympic champion swimmer who is chief athlete officer for the LA28 organizing committee.

The get-together felt like a homecoming to Ohno, the most decorated U.S. Winter Olympian ever with eight short track speedskating medals.

“I walked in and I literally saw like 50 of my friends that I'd grown up in the Olympic training center with for many years,” he said. "I haven't seen some of these people for 10 years or more."

The athletes met with LA28 officials beforehand, with several offering suggestions on how to improve the athlete experience.

“We have the athlete voice in the areas that really need to be heard,” said Jones, the retired swimmer who joined the U.S. Olympic and Paralympic Committee last summer as associate director of athlete marketing. “I'm really excited to see what LA28 looks like.”

Conner noted that with the majority of venues already built in Los Angeles and Oklahoma City, which will host softball and canoe slalom, organizers can focus on the competitors. The three-time Olympic gymnast capped his career at the 1984 Los Angeles Games.

“The athletes know that they're the center of every decision,” he said. “It's not just like, let's call the athletes and see what they think about it. The athletes are already in all the board meetings. I understood today that there's more athletes involved in leadership here in the Olympic organizing committee than there are at the IOC.”

Nearby, Comaneci twirled for photographers under the peristyle. The Romanian gymnast became a teenage superstar at the 1976 Montreal Games, where she earned the first perfect 10.0 mark in Olympic history. She and Conner will mark their 30th wedding anniversary in April.

Registration opens at 10 a.m. EST on Wednesday at Tickets.LA28.org. It's the first step for a chance to secure a time slot to buy tickets starting in April. After registering, fans will be randomly assigned time slots to buy tickets throughout future ticket releases.

Individual tickets, hospitality packages including tickets and packages involving travel and accommodations will also go on sale later this year.

The Olympic cauldron is lit at the Los Angeles Memorial Coliseum ahead of the launch for ticket registration to the 2028 Summer Olympic Games Tuesday, Jan. 13, 2026, in Los Angeles. (AP Photo/Damian Dovarganes)

Former Olympians gather for a group photo at the Los Angeles Memorial Coliseum ahead of the launch for ticket registration to the 2028 Summer Olympic Games Tuesday, Jan. 13, 2026, in Los Angeles. (AP Photo/Damian Dovarganes)

The Olympic cauldron is lit at the Los Angeles Memorial Coliseum ahead of the launch for ticket registration to the 2028 Summer Olympic Games Tuesday, Jan. 13, 2026, in Los Angeles. (AP Photo/Damian Dovarganes)

Former Olympian Jane Evans, LA28 Chief Athlete Officer, center right, stands next to Casey Wasserman, LA28 Chairperson and President, at the Los Angeles Memorial Coliseum ahead of the launch for ticket registration to the 2028 Summer Olympic Games Tuesday, Jan. 13, 2026, in Los Angeles. (AP Photo/Damian Dovarganes)

The Olympic cauldron is lit at the Los Angeles Memorial Coliseum ahead of the launch for ticket registration to the 2028 Summer Olympic Games Tuesday, Jan. 13, 2026, in Los Angeles. (AP Photo/Damian Dovarganes)