The S&P 500 and Nasdaq Composite rose on Thursday as investors snapped a three-day rut for tech stocks. Meanwhile, the Dow Jones Industrial Average slipped to close at a negative flat line.

Here's how the market settled on Thursday:

S&P 500 Index (SPY  ): +0.37% or +16.20 points to 4,381.89

Dow Jones Industrial Average (DIA  ): -0.01% or -4.81 points to 33,946.71

Nasdaq Composite Index (QQQ  ): +0.95% or +128.41 points to 13,630.61

Driving the two market benchmark's higher, Tesla (TSLA  ) shares rose on Thursday despite falling earlier in the session as Morgan Stanley analyst Adam Jonas revised his rating on the electric carmaker to equal weight from overweight.

"While the market may want to dream on the AI theme, we'd prepare to wake up to the sound of a blaring car horn," Jonas said, as Tesla shares have rising more than 32% over the past month.

Impacting the Dow's performance, Boeing (BA  ) shares dropped after supplier Spirit AeroSystems halted production in its Kansas facility. This comes after workers voted to strike starting Saturday.

Market participants also tuned in to a second day of testimony from Federal Reserve Chair Jerome Powell before the Senate Banking Committee on Thursday. Powell told lawmakers that the Fed is committed to using interest rates to bring down inflation, but are prepared to move more slowly than its previous rate hiking campaign.

"I think the data will tell us what to do," Powell told Congress, adding that the central bank's last meeting was "really to moderate the pace of our decision making on this, because you know, it was very important to move quickly last year, and we did. It's not so important now."

Across the pond, the Bank of England raised interest rates by 50 basis points to 5% on Thursday, implementing a bigger-than-expected hike for its 13th consecutive increase. The decision follows a higher-than-expected inflation reading of 8.7% in May for the United Kingdom.

Back in the U.S., existing home sales ticked higher by 0.2% in May month-to-month to an annualized rate of 4.30 million, according to the National Association of Realtors report Thursday. Still, that reading was 20.4% below that for May 2022 but exceeded the rate of 4.25 million expected by economists.

"Available inventory strongly impacts home sales, too," NAR Chief Economist Lawrence Yun said in a statement. "Newly constructed homes are selling at a pace reminiscent of pre-pandemic time because of abundant inventory in that sector. However, existing-home sale activity is down sizably due to the current supply being roughly half the level of 2019."

Elsewhere, Overstock.com (OSTK  ) shares rose on Thursday after the retailer agreed to buy Bed Bath & Beyond's intellectual property assets for $21.5 million. The sale comes two months after Bed Bath & Beyond filed for Chapter 11 bankruptcy protection following a long decline in sales.

Looking ahead, market participants will react to a flash reading of services and manufacturing PMI data for June due out Friday morning.