Stock markets in the United States closed Thursday's trading session lower as investors digested consumer and producer inflation reports, which appeared to blur the path for interest rate cuts ahead of the Federal Reserve's monetary meeting next week.
Producer inflation grew more than expected in November, with the producer price index jumping 3% year-over-year, to mark its highest increase since February 2023. Meanwhile, consumer prices climbed to 2.7% last month, indicating that inflation remains above the Fed's target. Broadcom and Costco will report their quarterly earnings after the bell.
The Dow Jones Industrial Average plunged 234 points or 0.53%. UnitedHealth Group Inc. was its worst performer, decreasing 3.32%. The S&P 500 fell 0.54% and the Nasdaq 100 dropped 0.68% with Adobe Inc. sinking 13.69%.
The euro declined 0.25% against the dollar, selling at 1.04665.
