Wall Street climbs at the start of Q4 as yields remain in focus

Strong economic data from the previous day did not keep Wall Street investors optimistic. Following initial gains, major indices on the financial hub in New York dropped points and showed little change. The Dow Jones Industrial Average, which tracks blue-chip stocks, fell 0.4 percent to 50,692 points. The S&P 500, a broad market index, barely moved and remained at 7,625 points.

The Nasdaq, a technology-focused exchange, remained unchanged at 26,799 points. The Nasdaq 100, representing 100 non-financial companies with the highest market capitalization, barely changed at 30,342 counts. On Wednesday, the U.S. Trade Department released key inflation data to the Federal Reserve (Fed). The Personal Consumption Expenditures price index for August came in at 3.4 percent, lower than analysts' expectations, but still elevated.

This data fuels hopes that the Fed may forgo another interest rate hike in October. Meanwhile, Wall Street ignores the recent boost from Micron Technology. The U.S. semiconductor chip maker surprised investors with unexpectedly high targets for the current fiscal quarter after the market close in New York. Its shares fell nearly two percent on Thursday after trading started.

For Jochen Stanzl, chief market analyst at Consorsbank, this is no coincidence. Micron remains a driving force for artificial intelligence (AI) in the industry. "If it doesn't surpass all expectations in terms of profit, revenue, and outlook, it may indicate that the market has already priced in those expectations," explains Stanzl.