(Sharecast News) - Major indices closed lower on Thursday as market participants digested yet another key inflation reading and new tariff threats from the White House.
At the close, the Dow Jones Industrial Average was down 1.30% at 40,813.57, while the S&P 500 lost 1.39% to 5,521.52 and the Nasdaq Composite came out the gate 1.96% weaker at 17,303.01.
The Dow closed 537.36 points lower on Thursday as the blue-chip index extended its losing streak to four sessions, while the S&P 500 closed in correction territory.
Thursday's primary focus was news that wholesale prices were unchanged in February, according to the Bureau of Labor Statistics, proving to somewhat quell inflation fears amid ongoing concerns regarding Donald Trump's trade war. Headline producer prices were flat against January's upwardly revised 0.6% month-on-month increase. Economists had been expecting to see a 0.3% monthly increase. On an annualised basis, producer prices rose 3.2%.
Last month's PPI reading comes just a day after February's consumer price index, the Federal Reserve's preferred inflation gauge, came in softer than expected on Wednesday, with headline inflation rising 0.2% month-on-month and 2.8% on an annualised basis.
On another note, Trump threatened to put 200% tariffs on all alcoholic products coming from countries in the European Union in retaliation for the bloc's 50% tariff on whisky, further rattling markets.
Elsewhere on the macro front, Americans lined up for unemployment benefits at a decelerated clip in the week ended 8 March, according to the Labor Department. Initial jobless claims fell by 2,000 to 220,000 last week, below market expectations for an uptick to 225,000, while continuing claims eased by 27,000 at 1.87m.
In the corporate space, discount retailer Dollar General posted better-than-expected Q4 sales but fell short of profit estimates as a result of sticky inflation and ongoing economic uncertainty.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Intel Corp. (INTC) $23.70 14.60%
Verizon Communications Inc. (VZ) $43.71 2.63%
Travelers Company Inc. (TRV) $256.14 1.57%
Merck & Co. Inc. (MRK) $94.67 1.46%
Dow Chemical Co. (DOW) $36.24 1.34%
Chevron Corp. (CVX) $153.59 0.62%
Walgreens Boots Alliance, Inc. (WBA) $11.26 0.54%
Boeing Co. (BA) $159.32 0.33%
Procter & Gamble Co. (PG) $168.59 0.13%
Johnson & Johnson (JNJ) $162.99 0.09%
Dow Jones - Fallers
Home Depot Inc. (HD) $347.25 -4.79%
Salesforce.Com Inc. (CRM) $271.01 -4.51%
Apple Inc. (AAPL) $209.68 -3.36%
3M Co. (MMM) $146.01 -2.76%
Goldman Sachs Group Inc. (GS) $525.34 -2.03%
Walt Disney Co. (DIS) $96.87 -1.91%
American Express Co. (AXP) $256.43 -1.66%
International Business Machines Corporation (CDI) (IBM) $245.80 -1.53%
Caterpillar Inc. (CAT) $333.32 -1.43%
Cisco Systems Inc. (CSCO) $59.67 -1.31%
S&P 500 - Risers
Intel Corp. (INTC) $23.70 14.60%
Dollar General Corp (DG) $80.02 6.81%
Dollar Tree Inc (DLTR) $66.00 6.59%
Newmont Corporation (NEM) $45.65 4.63%
AES Corp. (AES) $12.28 3.80%
Zimmer Biomet Holdings Inc (ZBH) $107.68 3.40%
Northrop Grumman Corp. (NOC) $491.52 3.26%
Southwest Airlines Co. (LUV) $31.00 2.99%
Verizon Communications Inc. (VZ) $43.71 2.63%
FirstEnergy Corp. (FE) $39.17 2.43%
S&P 500 - Fallers
Adobe Systems Inc. (ADBE) $377.84 -13.85%
CenturyLink Inc. (LUMN) $4.65 -6.63%
Cummins Inc. (CMI) $312.68 -5.38%
Vornado Realty Trust (VNO) $35.37 -5.27%
Lamb Weston Holdings, Inc. (LW) $48.74 -5.18%
Home Depot Inc. (HD) $347.25 -4.79%
Meta Platforms Inc. (META) $590.64 -4.67%
Kohls Corp. (KSS) $8.21 -4.65%
ProLogis (PLD) $110.36 -4.64%
Fortinet Inc. (FTNT) $93.42 -4.61%
Nasdaq 100 - Risers
Intel Corp. (INTC) $23.70 14.60%
Dollar Tree Inc (DLTR) $66.00 6.59%
Vodafone Group Plc ADS (VOD) $9.49 3.66%
JD.com, Inc. (JD) $41.24 2.16%
Baidu Inc. (BIDU) $94.26 2.01%
Vertex Pharmaceuticals Inc. (VRTX) $502.92 1.51%
T-Mobile Us, Inc. (TMUS) $259.10 1.37%
Electronic Arts Inc. (EA) $137.72 1.18%
Liberty Global plc Series C (LBTYK) $11.98 1.10%
Cadence Design Systems Inc. (CDNS) $241.56 0.98%
Nasdaq 100 - Fallers
Adobe Systems Inc. (ADBE) $377.84 -13.85%
Meta Platforms Inc. (META) $590.64 -4.67%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $314.47 -4.48%
Hasbro Inc (HAS) $59.30 -4.14%
Intuitive Surgical Inc. (ISRG) $476.78 -4.13%
Costco Wholesale Corp. (COST) $890.62 -3.93%
PACCAR Inc. (PCAR) $98.42 -3.82%
Apple Inc. (AAPL) $209.68 -3.36%
Expedia Group Inc. (EXPE) $157.11 -3.33%
J.B. Hunt Transport Services Inc. (JBHT) $149.43 -3.25%
89.77 (1.05%)
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