Inflation data was in the spotlight on Thursday, after the consumer price index (CPI) marked its biggest jump since 1982. The Dow finished 526 points lower, snapping its three-day win streak as the 10-year Treasury yield surged above 2% -- its highest level since August 2019. Both the Nasdaq and S&P 500 settled deep in the red as well, taking a turn for the worse after St. Louis Federal Reserve President James Bullard said a roughly 50-point interest rate hike in March is not out of the question. The Cboe Volatility Index (VIX), however, logged is best single-day percentage gain since November.
The Dow Jones Average (DJI - 35,241.59) fell 526.5 points or 1.5% for the day. Walt Disney (DIS) led the four gainers with a 3.4% pop, while Amgen (AMGN) paced the laggards with a 3.5% drop.
The S&P 500 Index (SPX - 4,504.08) shed 83.1 points or 1.8% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,185.64) lost 304.7 points or 2.1% for today's session.
Lastly, the Cboe Volatility Index (VIX - 23.91) added roughly 4 points or 19.8% for the day.
GOLD PRICES MARK LONGEST WIN STREAK SINCE NOVEMBER
Oil prices scored a second-straight win on Thursday, after new data revealed a surprise decline in U.S. crude inventories. Black gold was also able to brush off hot inflation data, though prices still settled slightly below the $90 level. March-dated crude rose 22 cents, or 0.3%, to settle at $89.88 per barrel for the day.
Gold prices also edged higher to score their fifth-straight win and mark their longest win streak since November. Traders flocked to the safe-haven commodity following the CPI's release. As a result, April-dated gold added 80 cents, or 0.1%, to close at $1,837.40 per ounce.
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