Stock market today: Indexes slip after Dow crosses 40,000 for the first time

The Dow briefly hit a historic milestone on Thursday, crossing the 40,000 threshold for the first time as investors keep rate cut hopes alive.

• Stocks turned lower and closed in the red on Thursday after the Dow briefly crossing 40,000 for the first time. 
• Markets are feeling optimistic after April inflation data was cooler than expected. 
• The S&P 500 failed to extend its gains after closing at a record high on Wednesday.  

Stocks finished lower on Thursday, with indexes giving back gains from earlier in the day after the Dow Jones Industrial Average crossed 40,000 for the first time during the session. 

The Dow failed to close above the key threshold, and the S&P 500 struggled to consolidate gains after hitting a record close on Wednesday. Markets were feeling upbeat after Wednesday's consumer price index data showed inflation rising at a slower pace in April, but some Federal Reserve speakers indicated on Thursday that there was still no rush to lower interest rates. 

Richmond Fed President Tom Barkin pointed to sticky services sector inflation, while earlier in the day New York Fed President John Williams told Reuters that he believes policy is "in a good place." 

"To get to 2% sustainably in the right kind of way, I just think it's going to take a little bit more time," Barkin told CNBC. 

Broadly, the Fed speakers on Thursday painted a picture of a central bank in no hurry to pivot as inflation remains above its 2% target. Rate cut bets were little changed on Thursday, with the market still seeing the strongest odds for the first cut in September. 

Here's where US indexes stood at the 4 p.m. closing bell on Thursday: 

• S&P 500: 5,297.10, down 0.2%
• Dow Jones Industrial Average: 39,869.38, down 0.1% (39 points)
• Nasdaq Composite: 16,698.32, down 0.3%

Here's what else is going on today:

• Jamie Dimon says inflation is worse than people think and a soft landing is a long shot. 
• The US isn't facing a stagflation threat even as growth slows, according to Bank of America. 
• Reddit users are questioning whether Keith Gill is the one post the memes that ignited the GameStop rally this week. 
• Investors shouldn't be clamoring for rate cuts this summer, market vet Ed Yardeni says. 

In commodities, bonds, and crypto: 

• West Texas Intermediate crude oil rose 0.8% to $79.28 a barrel. Brent crude, the international benchmark, ticked higher 0.7% to $83.35 a barrel. 
• Gold dipped 0.4% to $2,384 per ounce. 
• The 10-year Treasury yield rose two basis points to 4.383%. 
• Bitcoin was down 1.2% to trade at $65,269.