By STAN CHOE, Associated Press Business Writer

NEW YORK (AP) — U.S. stocks are drifting on Thursday as Wall Street’s momentum cools following a big rally that had brought it to the brink of its record.

The S&P 500 was 0.1% higher in morning trading. The Dow Jones Industrial Average was down 84 points, or 0.2%, as of 10:15 a.m. Eastern time, and the Nasdaq composite was 0.1% higher.

Boeing was the biggest reason for the Dow’s struggles. It lost 3.9% after Air India said a London-bound flight crashed shortly after taking off from Ahmedabad airport Thursday with 242 passengers and crew onboard. The Boeing 787 Dreamliner crashed into a residential area near the airport five minutes after taking off. The cause of the crash wasn’t immediately known.

But Oracle was pushing upward on the market after jumping 12.9%. The tech giant delivered stronger profit and revenue for the latest quarter than analysts expected. Oracle CEO Safra Catz also said it expects revenue growth “will be dramatically higher” in its upcoming fiscal year, and it was providing the strongest lift for the S&P 500.

Stocks were broadly getting some help from easing Treasury yields in the bond market following another encouraging update on inflation. Thursday’s said inflation at the wholesale level wasn’t as bad last month as economists expected, and it followed a report on Wednesday saying something similar about the inflation that U.S. consumers are feeling.

Wall Street took it as a signal that the Federal Reserve will have more leeway to cut interest rates later this year in order to give the economy a boost.

The Federal Reserve has been hesitant to lower interest rates, and it’s been on hold so far this year after cutting at the end of last year, because it’s been waiting to see how much President Donald Trump’s tariffs will hurt the economy and raise inflation. While lower rates can goose the economy by encouraging businesses and households to borrow, they can also accelerate inflation.

The yield on the 10-year Treasury fell to 4.37% from 4.41% late Wednesday and from roughly 4.80% early this year.

Besides the inflation data, a separate report on jobless claims also helped to weigh on Treasury yields. It said slightly more U.S. workers applied for unemployment benefits last week than economists expected, and the total number remained at the highest level in eight months.

“We believe that were it not for the uncertainty caused by the tariffs, the combined information coming from the inflation and labor-market data would have compelled the Fed to have resumed cutting its policy rate by now,” according to Thierry Wizman, a strategist at Macquarie.

The Fed’s next meeting on interest rates is scheduled for next week, but the nearly unanimous expectation on Wall Street is that it will stand pat again. Traders are betting it’s likely to begin cutting in September, according to data from CME Group.

In stock markets abroad, indexes were mixed across Europe and Asia amid mostly modest movements. Hong Kong’s Hang Seng was an outlier, and it tumbled 1.4% to give back some of its strong recent gains. It’s still up nearly 20% for the year so far.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.