(Bloomberg) — U.S. stocks drifted while Treasuries nudged lower as investors deliberated over mixed corporate earnings against rising expectations for inflation.
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The S&P 500 was flat after nearly topping a record close on Wednesday. Shares of Tesla Inc. and International Business Machines Corp. weighed on the benchmark index after missing third-quarter revenue estimates. Meanwhile, AT&T Inc. rose on better-than-expected subscriber growth.
The moves followed a loss in European shares as Volvo Group warned of chip shortages and supply-chain issues and Unilever Plc showed it could push costs onto consumers. Shares in Japan in Hong Kong also fell while those in China gained.
Corporate results have helped tempered concerns about rising cost pressures. But some investors are losing faith in the Federal Reserve’s narrative about inflation being transitory. Market-implied expectations for U.S. inflation for the next…