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Stock market today: Live updates


Traders work on the floor of the New York Stock Exchange during morning trading on January 04, 2023 in New York City. 

Michael M. Santiago | Getty Images

U.S. stocks were little changed Thursday as investors looked toward new consumer inflation data for greater insight on the economy, putting the major averages on track to snap their 4-day winning streak.

The Dow Jones Industrial Average dropped about 75 points, or 0.2%. The S&P 500 was flat and the Nasdaq Composite added about 0.3%.

The consumer price index increased 0.4% on the month and 3.7% from a year ago, according to a Labor Department report released Thursday. Dow Jones estimates were 0.3% and 3.6%, respectively. The core inflation number, excluding food and energy prices, came out in line with economists’ expectations at an increase of 0.3% on the month and 4.1% on a 12-month basis. The data comes following a stronger-than-expected producer price index for September.

Treasury yields moved higher after the fresh data, with the yield on the 10-year Treasury higher moved about 4 basis points higher 4.639%, off its lows from earlier in the session. The 2-year Treasury yield was trading at 5.08% after rising by more than 7 basis points.

“There is an equity risk premium, but it’s lower than it probably was before we got the recent surge in yields,” said Carson Group director and macro strategist¬†Sonu Varghese. “Any time yields go up, especially over a very short period of time like we’ve seen over the last couple of months, or just even today, that has an immediate negative correlation to equity prices.”

To be sure, Varghese said his firm remains overweight on equities on confidence that strong economic report will feed into third-quarter earnings.

Shares of Walgreens gained nearly 5% on Thursday after reporting narrower losses and progress in its cost-cutting plans. Still, the pharmaceutical company offered soft profit guidance and an earnings miss. Several companies, including JPMorgan, BlackRock and UnitedHealth Group, are slated to report earnings on Friday.

The ongoing Israel-Hamas war has raised questions of a potential oil supply crunch and a resulting rise in fuel prices if the geopolitical instability spreads to neighboring oil producers in the region. Brent crude oil gained 1.9% to more than $87 a barrel. WTI crude was nearly 2% higher at $85.14.

The major averages closed Wednesday trading with modest gains, marking a fourth consecutive winning session. The Dow advanced 0.2%, while the S&P 500 added 0.4%. The tech-heavy Nasdaq Composite climbed 0.7%, closing above its 50-day moving average for the first time since September.



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