Stock Market Today: Stocks extend record run on renewed Fed rate cut bets

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U.S. equity futures nudged higher Thursday as investors looked to extend a springtime rally that has lifted all three major benchmarks to all-time highs following a muted inflation report and renewed bets that the Federal Reserve will cut interest rates.

Updated at 8:39 AM EDT

Data dump

Jobless claims slipped to 222,000 last week, the Labor Department reported, a tally that was higher than the 220,000 forecast but lower than the prior period's (revised) 232,000 tally. 

Housing  starts for the month of April, meanwhile, jumped 5.7% from March, but the overall annual pace of 1.36 million unit was far shy of the Street's 1.42 million forecast.

The Philadelphia Fed's May survey of business conditions in the mid-Atlantic region was also shy of forecasts, falling to 4.5 points from the 15.5 reading in April.

Stocks were little-changed after the triple data release, with futures tied to the S&P 500 suggesting a 5 point gain and those linked to the Dow indicating a 32 point advance. 

Benchmark 10-year notes held at 4.332% while 2-year notes were pegged at 4.753%.