Investing.com -- U.S. stocks were relatively flat on Thursday, falling back after an initial pop from an interest rate cut by the Bank of England, as investors traded cautiously ahead of a critical jobs report at the end of the week.
The Dow Jones Industrial fell 2.95 or 0.02% to 18,352.05, while the S&P 500 Composite index inched up 0.46 or %, as stocks remained stuck in tight, range bound trading. On the S&P 500, four of 10 sectors closed higher as stocks in the Technology and Consumer Goods industries led. Stocks in the Energy, Utilities and Financials sectors lagged, each falling by more than 0.20% on the session. The NASDAQ Composite index, meanwhile, rose 6.51 or 0.13% to 5,166.25, inching closer to an all-time record high.
Global equities received a boost on Thursday morning after the BOE lowered its benchmark rate by 25 basis points to a record-low of 0.25%, marking its first interest rate cut since 2009. In addition, the Bank of England's Monetary Policy Committee increased its asset purchasing by £60 billion and announced a plan to begin buying £10 billion in corporate bonds in an effort to help stimulate economic growth. Bank of England governor Mark Carney also indicated that the MPC could implement further rate cuts if inflation meets its targeted objectives in the coming months.
Meanwhile, investors continued to await Friday's July employment report in the U.S. for further indications on the strength of the domestic labor market. Analysts expect to see an increase of 185,000 in nonfarm payrolls, one month after the economy added a robust 287,000 jobs in June. The Federal Reserve could consider a rate hike this fall if the labor market displays continued improvement before the U.S. central bank meets again in late-September.
The top performer on the Dow was Intel Corporation (NASDAQ:INTC), which added 0.32 or 0.92% to 34.57. Intel finished just ahead of Visa Inc (NYSE:V), which gained 0.70 or 0.89% to 79.41. It came one day after Visa's subsidiary CyberSource launched a Loyalty Fraud Solution initiative aimed at helping businesses protect against fraudulent use of their loyalty accounts. Each year, consumers receive an estimated $238 billion in loyalty rewards through airlines, hotels and other earnings, according to the RFI Group.
"This type of fraudulent activity not only impacts the profitability of businesses, but also hurts customer trust and loyalty — the very things these programs were designed to build," said Andre Machicao, senior vice president, CyberSource.
The worst performer was Walt Disney Company (NYSE:DIS), which fell 1.15 or 1.19% to 94.95. Disney shares continue to tumble amid mounting concerns of massive cord cutting in the cable industry. Over the last year shares in Disney have fallen more than 20%, including 8% over the last three months. Disney is scheduled to release its third quarter results next Tuesday.
The biggest gainer on the NASDAQ was Micron Technology Inc (NASDAQ:MU), which added 0.52 or 3.81% to 14.03. The gains in Micron and Intel helped push the IYW U.S. Technology ETF to an intraday high of 114.84 on Thursday, its highest level over the last 52 weeks. The worst performer was Henry Schein Inc (NASDAQ:HSIC), which plummeted 16.02 or 8.92% to 163.66. Shares in Henry Schein (NASDAQ:HSIC) fell sharply after reporting weaker than expected dental sales over the second quarter and offering a lower full-year guidance on Thursday.
On the New York Stock Exchange, advancing issues outnumbered declining ones by a 1,682-1,266 margin.