Accenture Drops 7.3% Despite Strong Profit Report

US stock indexes edged lower Thursday despite more signals suggesting the US economy remains solid for now.

• The S&P 500 fell 12.40 points, or 0.2%, to 5,662.89 after flipping between modest gains and losses through the day.
• The Dow fell 11.31 points, or less than 0.1%, to 41,953.32.
• The Nasdaq composite fell 59.16 points, or 0.3%, to 17,691.63.

Accenture reported slightly better profit and revenue for the latest quarter than analysts expected, but it fell 7.3% for one of the market's larger losses on worries about the hit it may take to revenue from the US government as Elon Musk leads efforts to cut federal spending, the AP reports. The federal government accounted for 17% of Accenture's North American revenue in the last fiscal year.

Stocks got a boost Wednesday after the head of the Federal Reserve said the economy remains solid enough at the moment to leave interest rates where they are. More data arrived Thursday to bolster that view. One report said slightly fewer US workers filed for unemployment benefits last week than economists expected. It's the latest sign of a potentially "low fire, low hire" job market. A separate report said sales of previously occupied homes were stronger last month than economists expected, while a third said manufacturing growth in the mid-Atlantic region appears to be better than economists expected. But Fed Chair Jerome Powell also stressed on Wednesday that extremely high uncertainty is making it difficult to forecast what will happen next.

On Wall Street, Darden Restaurants climbed 5.8% after reporting profit for the latest quarter that matched analysts' expectations. That was despite what the company behind Olive Garden, Ruth's Chris Steak House, and other restaurant chains called "a challenging environment." Discount retailer Five Below rose 0.7% after reporting quarterly revenue and profit that topped analysts' expectations. The Philadelphia company also issued strong sales guidance and said it expects to open 150 stores this year.

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