However, market losses were limited as investors continued to recalibrate their rate-cut expectations following data showing a slowdown in inflation. Investors are betting on two quarter-point interest rate cuts from the Federal Reserve this year
At closing bell, the Dow Jones Industrial Average index declined 38.62 points, or 0.1%, to 39,869.38. The S&P500 index dropped 11.05 points, or 0.21%, to 5,297.10. The tech-heavy Nasdaq Composite index decreased by 44.07 points, or 0.26%, to 16,698.32.
Total 10 of 11 S&P500 sectors closed lower along with S&P500 index. Consumer staples sector was top performer, rising 1.48%, while consumer discretionary was worst performer, falling 0.75%.
Walmart rose 7% after the retail giant raised its fiscal 2025 sales and profit forecast, betting on easing inflation to further boost demand for essentials.
Deere dropped 4.8% after the farm equipment maker trimmed its annual profit forecast for the second time.
ECONOMIC NEWS: Labor Department released a report on Thursday showing initial jobless claims slid to 222,000, a decrease of 10,000 from the previous week's revised level of 232,000.
Also, Labor Department released import price report showing U.S. import prices jumped by 0.9% in April after climbing by an upwardly revised 0.6% in March. The annual rate of growth by import prices also accelerated to 1.1% in April from 0.4% in March.
A separate report released by the Fed showed U.S. industrial production unchanged in April after inching up by a downwardly revised 0.1% in March.
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