NEW YORK — Most stocks fell on Wall Street Thursday after a disappointing report said inflation was worse last month at the U.S. wholesale level than economists expected. But gains for Amazon and some other influential Big Tech companies helped mask the losses.

Retail inflation held few surprises in July, with the overall number steady but core inflation, which the Fed watches, continuing a reacceleration that started in March.

The S&P 500 dipped 0.3% after flirting with its all-time high, which was set two weeks ago, earlier in the day. The Dow Jones Industrial Average dropped 200 points, or 0.5%, while the Nasdaq composite shaved 0.3% off its own record.

Stocks closed near unchanged on Thursday, slowing a rally that has pushed major indexes to record highs, after fresh inflation data revived concerns about the impact that tariffs are having on the economy.