Stock market today: Dow, S&P 500, Nasdaq slip after hotter-than-expected inflation print

US stocks drifted lower on Thursday after the latest consumer inflation print came in hotter than anticipated, setting up expectations for the path of interest rates. The Dow Jones Industrial Average slipped nearly 0.2%, while the S&P 500 shed roughly 0.3%, after both clinched fresh record highs. The tech-heavy Nasdaq Composite also edged down 0.5%. Consumer prices rose 0.2% last month, according to US government data, more than the 0.1% rise Wall Street was expecting.

But the jobs market provided a surprise of its own on Thursday, as initial unemployment claims rose to 258,000, much more than Wall Street anticipated and the highest print since June 2023. Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards Amid all the moving parts, traders now see a 15% chance that the Fed holds rates steady in November, per the CME FedWatch Tool.

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