Stocks gave back most of their gains on Thursday after the S&P 500 reached a record earlier in the day.
The S&P 500 rose as much as 1% to reach an all-time high of 2,956.20. Around 12:15 p.m. ET, the broad index traded up just 0.3%. The Dow Jones Industrial Average and Nasdaq Composite were also well below their session highs.
Stocks surged earlier in the day after the Federal Reserve hinted at possible interest rate cuts as soon as next month.