US close: Stocks lower following September's CPI reading

Wall Street stocks were in the red at the end of trading on Thursday as market participants digested September's hotter-than-expected consumer price index.

At the close, the Dow Jones Industrial Average was down 0.14% at 42,454.12, while the S&P 500 lost 0.21% at 5,780.05 and the Nasdaq Composite saw out the session 0.05% weaker at 18,282.05.

The Dow closed 57.88 points lower on Thursday, taking only a small bite out of solid gains recorded in the previous session.

Thursday's primary focus was the US consumer price index, which rose by more than expected in September, according to the Bureau of Labor Statistics. Consumer prices climbed by 0.2% on a month-on-month basis in September, more than the 0.1% increase expected by economists, while the closely watched "core" price index, which strips out volatile food and energy costs, also came in hotter than the 3.2% expected by analysts at 3.3%. The CPI inflation measure, on the other hand, cooled slightly to 2.4% on an overall basis last month, down from 2.5% in August but short of expectations for a reading of 2.3%.

Elsewhere on the macro front, Americans lined up for unemployment benefits at an accelerated pace in the week ended 5 October, according to the Labor Department. Initial jobless claims rose by 33,000 to 258,000, significantly exceeding market expectations for a reading of 230,000 with a fresh 14-month high, adding weight to arguments that the Federal Reserve Bank will likely announce interest rate cuts in each of its remaining meetings in 2024. Continuing claims increased by 42,000, while the four-week moving average, which aims to strip out week-to-week volatility, grew by 6,750 to 231,000.

Finally, the Federal Government's monthly budget statement revealed it had spent significantly more than it had collected in revenue in the 2024 fiscal year, according to the Congressional Budget Office, racking up a budget deficit of $1.8trn.

In the corporate space, shares in Delta Air Lines came under pressure on Thursday after third-quarter earnings and sales guidance disappointed.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Walgreens Boots Alliance, Inc. (WBA) $9.03 1.35%
Unitedhealth Group Inc. (UNH) $597.47 1.10%
Salesforce.Com Inc. (CRM) $289.92 0.78%
Travelers Company Inc. (TRV) $233.02 0.75%
Chevron Corp. (CVX) $150.55 0.65%
Dow Chemical Co. (DOW) $53.62 0.37%
Visa Inc. (V) $277.41 0.19%
Caterpillar Inc. (CAT) $396.78 0.11%
McDonald's Corp. (MCD) $303.94 0.07%
Dowdupont Inc. (DWDP) $0.00 0.00%

Dow Jones - Fallers

Verizon Communications Inc. (VZ) $42.94 -2.63%
Boeing Co. (BA) $146.62 -1.84%
Home Depot Inc. (HD) $410.02 -1.47%
3M Co. (MMM) $133.45 -1.15%
Intel Corp. (INTC) $23.22 -1.02%
Walmart Inc. (WMT) $79.61 -0.98%
Merck & Co. Inc. (MRK) $109.40 -0.79%
Walt Disney Co. (DIS) $92.99 -0.65%
International Business Machines Corporation (CDI) (IBM) $233.02 -0.55%
Coca-Cola Co. (KO) $69.25 -0.46%

S&P 500 - Risers

Bath & Body Works, Inc. (BBWI) $31.25 5.44%
Mosaic Company (MOS) $26.39 4.43%
Micron Technology Inc. (MU) $105.69 3.92%
Franklin Resources Inc. (BEN) $20.22 3.01%
Illumina Inc. (ILMN) $143.76 2.69%
Fortinet Inc. (FTNT) $82.47 2.67%
Humana Inc. (HUM) $251.15 2.44%
Valero Energy Corp. (VLO) $142.69 2.40%
Brown Forman Corp. Class B (BF.B) $47.43 2.20%
HF Sinclair Corporation (DINO) $45.92 2.16%

S&P 500 - Fallers

Advanced Micro Devices Inc. (AMD) $164.18 -4.00%
Paypal Holdings Inc (PYPL) $78.98 -3.27%
AT&T Inc. (T) $21.22 -3.24%
Verisk Analytics Inc. (VRSK) $268.28 -3.17%
Gallagher Arthur J (AJG) $285.66 -3.13%
CenturyLink Inc. (LUMN) $6.28 -3.09%
Cognizant Technology Solutions Corp. (CTSH) $74.50 -2.99%
Pfizer Inc. (PFE) $29.34 -2.82%
Advance Auto Parts (AAP) $37.40 -2.71%
Verizon Communications Inc. (VZ) $42.94 -2.63%

Nasdaq 100 - Risers

Micron Technology Inc. (MU) $105.69 3.92%
Check Point Software Technologies Ltd. (CHKP) $209.01 2.75%
Illumina Inc. (ILMN) $143.76 2.69%
Sirius XM Holdings Inc (SIRI) $24.30 2.32%
Trip.com Group Limited (TCOM) $63.82 2.29%
Monster Beverage Corp (MNST) $50.77 2.01%
Adobe Systems Inc. (ADBE) $503.57 1.92%
Workday, Inc. (WDAY) $245.16 1.82%
Vertex Pharmaceuticals Inc. (VRTX) $476.15 1.75%
Nvidia Corp. (NVDA) $134.81 1.63%

Nasdaq 100 - Fallers

Paypal Holdings Inc (PYPL) $78.98 -3.27%
Verisk Analytics Inc. (VRSK) $268.28 -3.17%
Cognizant Technology Solutions Corp. (CTSH) $74.50 -2.99%
Starbucks Corp. (SBUX) $93.88 -2.09%
Align Technology Inc. (ALGN) $229.65 -1.77%
Gilead Sciences Inc. (GILD) $84.67 -1.71%
Costco Wholesale Corp. (COST) $893.63 -1.70%
Charter Communications Inc. (CHTR) $328.78 -1.57%
Cintas Corp. (CTAS) $206.13 -1.44%
American Airlines Group (AAL) $11.76 -1.42%