Stocks declined Thursday, with the S&P 500 and Dow Jones Industrial Average falling from records as economic data pointed to stubborn inflation.
The blue-chip index lost 57.88 points to 42,544.12.
The much-broader index settled 11.99 points to 5,780.05.
The NASDAQ Composite slid 9.57 points to 18,282.65
In other news, Universal Insurance surged about 12% as Hurricane Milton rippled through Florida. Meanwhile, Pfizer fell roughly 3% after activist investor Starboard Value accused the drug maker of threatening litigation against two former executives. Advanced Micro Devices fell 4% after launching a competing artificial intelligence chip to Nvidia.
The September consumer price index rose more than expected last month, increasing 0.2% on a monthly basis and bringing the annual inflation rate to 2.4% from the previous year. That came in ahead of the 0.1% monthly gain and 2.3% year-over-year rate expected by analysts polled by Dow Jones. The year-over-year number is the lowest since February 2021.
The data comes as concerns mount that the central bank may slow the pace of future cuts, and ahead of the Federal Reserve’s first policy meeting after September’s super-sized cut. Fed funds futures trading data suggests a 87% likelihood of a quarter-point cut
Prices for the 10-year Treasury gained back lost strength, lowering yields back to Wednesday’s 4.07%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.35 to $75.58 U.S. a barrel.
