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Stocks declined Thursday, with the S&P 500 and Dow Jones Industrial Average falling from records, as economic data pointed to stubborn inflation and an uptick in unemployment.
The blue-chip index lost 64.18 points to 42,447.82.
The much-broader index settled 18.41 points to 5,773.63.
The NASDAQ Composite dumped 82.41 points to 18,209.20.
Among companies, disappointing guidance from Delta Air Lines weighed on the broader airline industry. Delta, JetBlue and American Airlines slumped 2%, while United Airlines declined 1%.
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 skidded slightly, raising yields 4.08% from Wednesday’s 4.07%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.14 to $74.38 U.S. a barrel.
Gold prices surged $8.60 to $2,634.60 U.S. an ounce
