04:24 PM EDT, 06/13/2024 (MT Newswires) -- The S&P 500 and the Nasdaq Composite closed at record highs for a fourth straight session Thursday amid further signs that inflationary pressures are easing.

The technology-heavy Nasdaq rose 0.3% to 17,667.6, while the S&P 500 gained 0.2% to 5,433.7. The Dow Jones Industrial Average fell 0.2% to 38,647.1. Technology led the gainers among sectors, while communication services and energy saw the steepest declines.

In economic news, the US producer price index declined 0.2% last month on a seasonally adjusted basis, swinging from a 0.5% gain in April, government data showed. The Bloomberg-polled consensus estimate called for a 0.1% increase.

"Following yesterday's cooler-than-expected (consumer price index) report, this morning's headline decline in the PPI offers another piece of evidence that inflation is pulling back," Stifel said in a note. "Of course, following several months of head fakes at the start of the year with inflation moving higher, the (Federal Reserve) is less apt than investors to look at one month's data as an indication of achieving price stability."

The US two-year yield fell 5.1 basis points to 4.7%, while the 10-year rate dropped 4.9 basis points to 4.25%.

Weekly applications for unemployment insurance in the US posted a surprise gain last week to the highest level since August, while continuing claims rose slightly more than expected, government data showed.

West Texas Intermediate crude oil fell 0.5% to $78.10 per barrel.

In company news, Tesla (TSLA) shares rose 2.9%, among the top gainers on the Nasdaq. Chief Executive Elon Musk said in a post on X late Wednesday that the electric vehicle maker's shareholders were approving his proposed $56 billion pay package and a proposal to move the company's state of incorporation to Texas from Delaware "by wide margins!"

Broadcom ( AVGO ) was the top gainer on the Nasdaq and the second-best on the S&P 500, up 12%. The chipmaker late Wednesday raised its full-year revenue outlook on the back of a better-than-expected fiscal second quarter, buoyed by artificial intelligence demand and VMware software.

Liberty Global ( LBTYA ) said it plans to acquire Warner Bros. Discovery's ( WBD ) equity interest in the Formula E electric car racing series, increasing the telecom company's ownership stake to 65%. Warner Bros. shares fell 6.7%, the steepest decline on the Nasdaq and the second-worst on the S&P 500.

Gold dropped 1.5% to $2,318.90 per troy ounce, while silver sank 4.2% to $29 per ounce.