S&P 500 Finishes Lower After Inflation Data

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Stock Market News, Oct. 12, 2023: S&P 500 Finishes Lower After Inflation Data

Traders eye earnings from Walgreens, Delta; Treasury yields rise

Stocks finished Thursday lower, snapping four-day winning streaks for the major U.S. indexes, after fresh inflation data showed price pressures persist.

Treasury yields climbed following the latest CPI report. Read today's full markets roundup here.

Traders still overwhelmingly expect the Federal Reserve to keep interest rates at their current level at its next meeting, according to CME Group's FedWatch tool.

Consumer prices rose 3.7% in September from a year earlier, marginally higher than forecast. The monthly gain was also a little higher than expected, with the index up 0.4% from August.

In other economic news, initial jobless claims were flat at 209,000, below the number forecast by economists.

As of Thursday's close:

Stocks fell. All three major indexes were down by 0.5% or more, with the Dow industrials shedding 174 points.

Yields climbed. The yield on the 10-year U.S. Treasury finished the day at 4.710%, up from 4.596% Wednesday. The two-year yield rose as bond prices fell.

Walgreens stock gained. The pharmacy chain reported a narrower quarterly loss. Delta shares fell after the carrier posted profit of $1.1 billion, up 59% from a year earlier.

Shares of food company Hormel plummeted, setting them on course for their worst day in more than a decade. Homebuilders' shares retreated as rising mortgage rates fanned fears of reduced demand.

Brent crude edged higher. It settled up 0.2% to $86 a barrel Thursday, breaking a two-session losing streak. Traders are monitoring the Israel-Hamas conflict.

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