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.

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

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

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.

And while Deere reported higher-than-expected earnings of $4.75 per share and revenue of $10.4 billion, management now expects net income for the full fiscal year to be $5 billion at the midpoint – down from a previous forecast of $5.15 billion.

Global stocks edged lower on Thursday, with equities on Wall Street ending flat, while U.S. Treasury yields rose after market expectations for Federal Reserve interest rate cuts were shaken by surprisingly strong inflation data.

The S&P 500 trades at an expensive valuation that has historically preceded negative returns over the next one, two, and three years.