NEW YORK (AP) — U.S. stocks drift Thursday as the big market explosion following The election of Donald Trump continue cool.

The S&P 500 was virtually unchanged at the start of the session and still close to its record level set for Monday. The Dow Jones Industrial Average was up 41 points, or 0.1%, as of 9:50 a.m. Eastern Time, and the Nasdaq Composite Index was down 0.2%.

Walt Disney Co. helped lead the market with a 10.6% jump after entertainment giant reported higher profit for the last quarter than expected by analysts. Disney CEO Robert Iger credited improving profits from its streaming business and strong box office results from its films, including “Inside Out 2” and “Deadpool & Wolverine,” among others.

ASML, a leading supplier to the global chip industry, also gave encouraging signals for tech stocks. The Dutch company said it expects global semiconductor sales to exceed $1 trillion by 2030, driven by demand from artificial intelligence technology, and it maintained its long-term financial forecasts. ASML shares traded in the United States rose 4.9%.

But a 1.3% decline for Cisco Systems helped keep indexes in check, even though the tech giant reported a profit higher than analysts expected for the latest quarter. Investors may have been waiting for him to raise his financial forecast further, analysts suggest.

A foreign exchange trader walks past a screen displaying the Korea Composite Stock Price Index (KOSPI), left, and the exchange rate between the U.S. dollar and the South Korean won in the foreign exchange trading room at the headquarters of KEB Hana Bank in Seoul, South Korea, Thursday, November 14, 2024. (AP Photo/Ahn Young-joon)

Photo: ASSOCIATED PRESS/Ahn Young-joon

Super Micro Computer, which has been one of the biggest winners of the AI ​​boom, fell 13.4%, the worst loss in the S&P 500. It said Wednesday it does not expect to file its quarterly financial statements with US regulators on time. .

The server maker’s stock has struggled lately, especially after Ernst & Young resigned from his accounting firm. A special committee of the company’s board has since said it found “no evidence of fraud or misconduct by management or the board.”

Tapestry shares jumped 11.4% after the luxury fashion company said it end its merger with Caprianother owner of a luxury brand. The companies reached an $8.5 billion deal in August 2023 to unite handbag makers Coach and Michael Kors, but the tie-up has faced numerous challenges, including a lawsuit from the Federal Trade Commission over block the deal on antitrust grounds.

Shares of Capri fell 3.2%.

Stocks were also feeling the effects of swings in bond market yields following the latest inflation update. Prices paid at the wholesale level in the United States were 2.4% higher in October than a year earlier. That’s an acceleration from September’s 1.9% inflation rate and a worse jump than economists expected.

A separate report, meanwhile, suggests the U.S. labor market remains strong. Fewer workers in the United States applied for unemployment benefits last week, the latest signal that layoffs are not taking off.

Treasury yields initially jumped following the reports as traders slightly lowered their expectations for an upcoming interest rate cut by the Federal Reserve at its meeting next month. But yields then fell and the yield on the 10-year Treasury note fell to 4.42%, from 4.45% late Wednesday.

The Fed began cutting rates from a two-decade high in September to provide support to the labor market, hoping to keep humming after bringing inflation has almost completely fallen to its target of 2%. Previous forecasts released by the Fed suggested that it could continue cutting rates into next year.

But Trump’s victory may have scrambled those plans. Economists say his preferences for lower tax rateshigher prices and less regulation could ultimately lead to increase in US public debt and inflationas well as faster economic growth.

While lower interest rates can boost the economy and investment prices, they can also further fuel inflation. And expectations of lower interest rates have been a key reason for the S&P 500’s surge of more than 20% for the year so far, as well as hopes that the U.S. economy can continue to grow and avoid a long-anticipated recession.

On foreign stock markets, European indices were up, notably with a jump of 1.4% for the German DAX. Asian markets were mixed. Hong Kong’s Hang Seng fell 2%, but South Korea’s Kospi added 0.1%.

In the crypto marketBitcoin rose about 1% to $90,916 after surging above $93,000 as cryptocurrencies generally soared. Trump embraced cryptocurrenciespledging to make the United States the crypto capital of the world.

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AP Business writers Matt Ott and Elaine Kurtenbach contributed.

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