U.S. stocks were little changed on Thursday as investors awaited a speech by Jerome Powell to set the tone for interest rate cuts and gauged the impact of a Republican sweep of political power.

The Dow Jones Industrial Average (^DJI) was flat, while the S&P 500 (^GSPC) slipped easily. The Nasdaq Composite (^IXIC) decreased by 0.1%, decreasing by a mixed day for the three big calibers.

Although the mood is subdued, stocks are still up near record highs after the latest consumer inflation data held out hopes for a rate cut in December above. That optimism has largely held after a reading about wholesale inflation showed that prices strengthened slightly more than expected in October.

Initial jobless claims fell to 217,000 last week, the lowest since May, and less than the 220,000 expected by economists.

The focus is on how the Federal Reserve chairman views inflation as investors gauge the chances that rates will return to staying higher for longer. The market is already weighing potential upward pressure on prices from President-elect Donald Trump’s policies.

Read more: What Fed rate cuts mean for bank accounts, CDs, loans and credit cards

republicans they kept their majority slim in the House of Representatives, giving Trump and his party a “trifecta” — unified control of power in Washington. The sweep limits restrictions on implementation the future president’s aggressive economic agendawhich helped fuel the sharp post-election rally in stocks.

Concerns over Trump’s America First plans helped drags Chinese stocks down as much as 20% from their October high in Hong Kong, with tech the hardest hit.

In corporations, Disney (early) quarterly earnings beat estimates as its streaming unit turned a profit. Shares rose 8 percent in early trading after earnings beat Wall Street expectations.