Wall Street isn’t moving much Thursday, but a swirl of competing forces are pushing and pulling on both the stock and bond markets under the seemingly calm surface. The Standard & Poor's 500 was virtually unchanged in early trading following a mixed set of profit reports and forecasts from Tesla and other influential stocks. The Dow Jones industrial average was up 42 points, or 0.1%, as of 9:45 a.m. Eastern, and the Nasdaq composite was flat.
A separate report, though, said manufacturing in the mid-Atlantic region is weakening by more than economists expected. Manufacturing has been one part of the economy that’s been particularly hard hit by high interest rates. What happens next with interest rates and the value of the U.S. dollar will depend on whether the U.S. economy can indeed pull off what’s called a “soft landing,” where growth slows enough to snuff out inflation but not so much that it causes a bad recession.
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