Stock market today: Live updates

Stocks were flat Thursday after a slate of mixed quarterly results dampened investor sentiment.

Micron shares slipped more than 5% in the premarket after the chipmaker issued fourth-quarter revenue guidance in line with estimates. Levi Strauss dropped 17.7% after the jeans maker’s latest quarterly revenue disappointed investors. Walgreens Boots Alliance plunged 21.5% after cutting its full-year outlook and issuing lower-than-expected earnings in the previous quarter.

Bank stocks were in focus after the Federal Reserve said Wednesday that the biggest U.S. firms are able to withstand a severe recession scenario. Goldman Sachs shares slid 2.3% in early trading.

The S&P 500 on Wednesday closed up 0.2%, while the Nasdaq added 0.5%. Meanwhile, the Dow added 15.64 points, or 0.04%.

Those moves come as Wall Street awaits the latest inflation data on Friday with the release of May’s personal consumption expenditures price index. Investors hope the report will show easing pricing pressures that could cement the likelihood the Fed will lower interest rates later this year.

Even with the sluggish trading activity, megacap tech names continued to outperform on Wednesday, bouncing back from a recent slide. On Wednesday, Amazon shares reached an all-time high, breaching $2 trillion in market capitalization for the first time.

Still, investors are deliberating whether the artificial intelligence trade can continue to sustain markets in the back half of this year, or if the rally will need to broaden out. Strategists surveyed by CNBC Pro anticipate the S&P 500 will likely end the year not even 1% higher from current levels.

“Right now, we’re in this environment where the market is sort of aligned with the Fed,” Brian Levitt, global market strategist at Invesco, told CNBC’s “Closing Bell” on Wednesday. “And what you’ll need likely is greater expectation coming into this market that the inflation story is really behind us, that the Fed can lower rates, and the soft landing happens.”