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Stock market today: Dow, S&P 500 slip as inflation, jobs data cloud Fed rate-cut picture

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Nasdaq Composite News

Consumer Inflation,The Federal Reserve

Investors are looking to the latest reading on CPI consumer inflation to set expectations for the path of interest rates.

US stocks were lower on Thursday after the latest consumer inflation print came in hotter than anticipated, further blurring the picture of the Federal Reserve's next interest rate decision in November. The Dow Jones Industrial Average dropped around 0.1%, or just less than 60 points, while the S&P 500 fell 0.2% after both clinched fresh record highs on Wednesday. The tech-heavy Nasdaq Composite was off less than 0.1%.

The data was of greater interest than usual as investors puzzle over the chances of a "no landing" for the economy after last week's jobs report revived worries about inflation flaring up again. 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 August 2023.

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