The US stock market is drifting on Thursday following a rebound for oil prices and mixed reports on the US economy.

The S&P 500 fell 0.3 per cent and is on track for a fourth drop in five days after setting its all-time high. The Dow Jones Industrial Average was up 37 points, or 0.1 per cent, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 0.6 per cent lower.

A halt in the torrid run for stocks benefiting from the artificial intelligence boom has slowed the US market recently. Not even another better-than-expected profit report from Nvidia was enough to kick it back into gear.