Stock market today: live updates

Shares fell on Thursday, with the S&P 500 and the Dow Jones Industrial Average fell from their records as economic data pointed to stubborn inflation and a rise in unemployment.

The broad market index lost 0.2% during the Dow lost 44 points or 0.1%. The Nasdaq Composite fell by 0.3%.

Wall Street digested the September consumer price index, which rose 0.2% on a monthly basis, pushing the annual inflation rate to 2.4% from a year earlier. That was above the 0.1% monthly gain and 2.3% year-over-year rate expected by analysts surveyed by Dow Jones. The year-on-year number is the lowest since February 2021.

The data comes as fears grow that the central bank could slow the pace of future cuts and ahead of the Federal Reserve’s first policy meeting after September’s outsized move. According to CME Group’s FedWatch tool, Fed Funds futures trading data suggests an 87 percent chance of a quarter-point cut.

“Combine this data with last Friday’s gigantic jobs numbers, the path to future Fed rate cuts remains uncertain,” said Paul Toft, senior portfolio manager at Key Wealth.

Minutes from the last meeting released on Wednesday also appeared to indicate some disagreement over last month’s 50 basis point cut. Although a “significant majority of participants,” some supported a smaller step.

In addition, disappointing forecasts from Delta Air Lines weighed on the entire aviation industry. Delta, JetBlue and American Airlines fell 2%, while United Airlines fell 1%. Universal insurance rose 9% as Hurricane Milton hit Florida.