The Dow Jones Industrial Average fell for the sixth day in a row on Thursday, as investors worried that inflation will remain high for longer than expected, which may prompt the Fed to raise interest rates more aggressively this year.
The Dow Jones fell 103.81 points to 31,370.30, and the S&P 500 fell 0.13% to 3,930.08.
While the Nasdaq Composite Index made slight gains, closing up 0.06% at 11370.96.
Some of the short-selling stocks in the past months led the market’s short rally earlier in the day and closed higher.
Lucid shares rose 13.2% while GameStop and AMC jumped more than 10% and 8%.
Rivian Automotive is also up nearly 18% after its latest quarterly results.
While Apple lost about 2.7%, and fell by 22% from its highest level in 52 weeks. Meanwhile, Amazon and Meta Platforms stocks closed down more than 1%.
On the economic data front, US consumer price growth slowed sharply in April as gasoline prices fell from record highs, indicating that inflation has likely peaked, but is likely to remain elevated for a while to keep the Fed on guard. To raise the interest rate in order to calm demand.