Thursday saw a slight decline in U.S. stocks from their all-time highs as data revealed that last month's inflation was slightly higher than anticipated and that more workers applied for unemployment benefits last week.
Dow Jones Industrial Average
Following its all-time high the day before, the Dow Jones Industrial Average fell 0.1 per cent, amounting to 57 points on the US bourse. The index hit the opening bell at 42,511.37 points; the Dow Jones Industrial Average rode the turbulent bear and went on a declining move, touching the day-low level of 42,308.04 points.
The Dow Jones Industrial Average concluded the last trading session at 42,454.12 points, shedding about 57.88 points, translating to 0.14 per cent in total.
The S&P 500
The S&P 500 fell 0.2 per cent in the end, after index hit the opening bell at 5,778.36 points, The S&P 500 was in a brawl with bears and bulls, and the index went to touch the day-high level of 5,795.03 after opening in the negative territory compared to the closing level of the previous trading day, which was concluded at 5792.04 points.
The S&P 500 shuttered at 5,780.05 points, after losing 0.21 per cent amounting to 11.99 points on the US bourse.
Nasdaq Composite
The index of the tech giants like Apple, Nvidia, and Amazon, the Nasdaq Composite, was taken over by bears after opening with a declining level of 18,200.62 points compared to the closing level of the previous trading session, which stood at 18,291.62 points.
There was a 0.052 per cent decline in the Nasdaq composite amounting to 9.57 points at the closing bell after the bulls took charge of the Nasdaq composite and propelled it to positive territory with a day high level of 18,333.39 points.
The boil in the oil
In the meantime, oil prices increased as they tried to recover from their steep decline earlier in the week. Brent crude saw a 3.7 per cent increase and settled at USD 79.40 per barrel. Benchmark US oil increased 3.6 per cent to USD 75.85 per barrel.
Federal Reserve rate cut
The Federal Reserve's decision to lower interest rates and broaden its mandate to include maintaining a healthy economy rather than solely combating excessive inflation caused stocks to soar to all-time highs.
Lower rates loosen the reins on the economy and boost investment prices, but how quickly they are lowered will depend on whether inflation continues to decline in line with the Fed's target of 2 per cent.
The consumer price index released on Thursday revealed that inflation decreased to 2.4 per cent in September from 2.5 per cent in August, below the 2.3 per cent that analysts had predicted.
