S&P 500 Ends Flat, but Tech Basks in Post-Fed Glory; European stocks close slightly lower after Fed signals 2023 rate hikes; CureVac sinks 
The S&P 500 ended flat Thursday as tech was lifted by falling bond yields but gains for the broader market were kept in check by falling cyclical stocks following the Federal Reserve's hawkish turn a day earlier.   
The S&P 500 fell 0.06%. The Dow Jones Industrial Average was down 0.62%, or 210 points, and the Nasdaq Composite was up 0.87%. 
The move lower in Treasury yields suggests that we're on a path to lower growth at a time when the Fed's view that inflation is transitory gains in popularity, creating the perfect cocktail for tech as investors look to quench their thirst for growth. 

The pan-European Stoxx 600 closed down 0.1%, trimming some earlier losses, with utilities shedding 1% to lead losses while banks bounced 0.5% on the prospect of future interest rate hikes. 
Back in Europe, euro zone inflation rose 0.3% month-on-month in May for a 2% annual increase on the back of higher energy and services prices, final Eurostat figures confirmed on Thursday, slightly exceeding the European Central Bank’s target. 
In terms of individual share price movement, German biotech firm CureVac shares dropped 43% after a late stage trial of its Covid-19 vaccine missed its targets, casting a potential mass delivery to the European Union into doubt. 
Source: CNBC