Stocks crater again on Thursday - weighed down by inflation concerns

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Stocks continue decline as inflation, rate hike concerns weigh

FoxBusiness

U.S. stocks were lower again on Thursday as concerns over Federal Reserve interest rate hikes and high inflation continue to worry investors.

The Dow Jones Industrial Average was down 300 points, or 0.95%, while the S&P 500 and Nasdaq Composite fell 0.68% and 0.4%, respectively.

Oil is trading around $106 per barrel.

On the economic data front, new U.S. jobless claims rose to a four-month high of 218,000 for the week ending May 14, up from 197,000 the previous week, according to the Labor Department.

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The Philadelphia Fed's manufacturing index dropped to a reading of 2.6 in May from 17.6 the previous month, marking the lowest level of activity in two years.

Existing-home sales fell for the third straight month in April to a seasonally adjusted annual rate of 5.61 million. Sales were down 2.4% from the prior month and 5.9% from one year ago. The median existing-home sales price increased at a slower year-over-year pace of 14.8% to $391,200. With slower demand, the inventory of unsold existing homes climbed to 1.03 million by the end of April, or the equivalent of 2.2 months of the monthly sales pace.

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