Most stocks fell on Wall Street following a disappointing update on inflation. But gains for Amazon and other influential Big Tech companies helped mask the losses on Thursday, and the S&P 500 edged up by less than 0.

Earlier this week, falling bond yields and growing expectations for aggressive Federal Reserve interest-rate cuts in the months ahead helped spark a rotation away from what had been working in the U.S.

Live Updates Live Coverage Has Ended Thursday Wrap-up 4:20 pm The Vanguard S&P 500 ETF closed Thursday almost flat at 592.77, down just 0.01%. Ask Sherwin-Williams... Why Its Stock is Going Down 1:32 pm BofA Securities analyst Steve Byrne removed his sell rating and upgraded S&P 500 component company Sherwin-Williams (NYSE: SHW) to neutral this

The rally in small-cap stocks fizzled, with investors buying shares of large tech and financial companies.

The S&P 500 dipped 0.3% after flirting with its all-time high, which was set two weeks ago, earlier in the day. The Dow Jones Industrial Average dropped 200 points, or 0.5%, while the Nasdaq composite shaved 0.3% off its own record.

The stock market had a strong week despite hot inflation, but with shifts underneath. Amazon jumped on a grocery delivery push.

As the latest inflation print lifts expectations an interest rate cut could be coming soon, speculative meme and small-cap stocks should stay in favor.

The stock market's on pace to snap a three-day winning streak after an inflation report nudged some investors to pare back rate cut hopes.