The S&P 500 index closed nearly unchanged in volatile trading, with Apple's decision to raise prices on some products partially offsetting the optimism surrounding strong earnings outlooks from chipmakers.

The S&P 500 relinquished its gains late in the session to end essentially flat, having fluctuated between gains and losses for most of Thursday.

The benchmark index declined for a fourth consecutive session, marking its longest losing streak since March.

An initial rally in the S&P 500, fueled by a robust forecast from Micron Technology, failed to sustain momentum after Apple announced its pricing plans.

Shares of Apple finished down 6.1%, registering their largest single-day drop since April 2025.

Gains were broader outside of the tech sector, with the S&P 500 Equal Weight Index rising 0.7%.

Adam Crisafulli, founder of Vital Knowledge, noted, "The overall market remains very constructive, with the S&P 500 Equal Weight Index posting a strong gain on a series of positive economic data points, even as tech stocks were mixed."

The Nasdaq 100 Index rose 0.8%, after having climbed as much as 2.1% intraday. The Dow Jones Industrial Average closed 0.1% higher.

Better-than-expected economic data provided support in early trading, leading traders to dial back bets on Federal Reserve interest rate hikes for the year.

US consumer spending accelerated in May. The core PCE price index increased 0.3%, matching market expectations and avoiding a worse outcome.

Initial jobless claims for the week ended June 20 came in lower than anticipated.

"The worst of the inflation pressures and consumer angst may be largely behind us," said Brian Jacobsen, chief economist strategist at Annex Wealth Management. "As long as gasoline prices continue to fall, inflation expectations may follow."

At the close, the S&P 500 was essentially unchanged at 7,357.49.

The Dow Jones Industrial Average gained 0.1% to 51,920.62.

The Nasdaq Composite Index fell 0.5% to 25,358.6.

The Nasdaq 100 Index advanced 0.8% to 29,440.32.

The Russell 2000 Index increased 0.7% to 3,007.858.