U.S. stock indexes finished lower on Thursday to end a four-session winning streak as rising Treasury yields continued to pressure equities after data showed inflation remained elevated in September.How stocks traded
The S&P 500
was down 27.34 points, or 0.6%, to end at 4,349.61
The Dow Jones Industrial Average
slumped 173.73 points, or 0.5%, to finish at 33,631.14
The Nasdaq Composite
lost 85.46 points, or 0.6%, ending at 13,574.22.
All three major indexes rose for a fourth straight session on Wednesday, the longest winning stretch for the Dow since late August, as stocks recovered from a September selloff driven by a sharp rise in long-dated Treasury yields.
What drove markets U.S. stock indexes finished lower on Thursday for the first time in five trading sessions, pressured by rising Treasury yields after the latest CPI data showed the annual rate of inflation hasn’t moved since last month in a hotter reading than many predicted. The September consumer-price index showed prices rose by 0.4% last month, just above economists’ expectations for a 0.3% increase. Meanwhile, core CPI, which strips out volatile food and energy prices, came in at 0.3%, which was exactly in line with expectations. On a year-over-year basis, headline consumer prices rose 3.7%, unchanged from August but higher than the 3.6% increase economists had expected. Market analysts said the inflation data didn’t offer much guidance about the Federal Reserve’s next moves, even as the market-based probability of a hike in December crept higher. Fed-funds futures traders boosted the chances of a 25-basis-point rate hike by the central bank in December to 31.4%, up from 26.3% a day ago. Meanwhile, traders saw only a 11.8% chance of a quarter-point hike on Nov. 1, according to the CME FedWatch Tool. Christoph Schon, senior p …