U.S. stocks were pulling back from record territory in the final hour of trade Thursday as investors looked forward to big banks kicking off earnings season in earnest. "Inflation is ebbing lower, but it's going to take some time," said Anthony Saglimbene, chief market strategist at Ameriprise Financial, in a phone interview.

Stocks once again hit fresh all-time highs, boosted by strong quarterly reports from some of the nation's biggest banks and economic data suggesting the economy remains on a glide path for a soft landing.