U.S. stocks are drifting lower as momentum wanes from a big rally that had brought them to the brink of their record.

U.S. stocks drifted higher following another encouraging update on inflation. The S&P 500 added 0.4% Thursday and is sitting less than 2% below its record.

Wall Street’s rally stalled on Wednesday after U.S. stocks climbed back within 2% of their all-time high. The Dow Jones Industrial Average was virtually unchanged after edging down by 1 point, and the Nasdaq composite slipped 0.