The Dow Jones Industrial Average and S&P 500 fell Thursday as Disney shares were under pressure and concerns around regional banks persisted.
The 30-stock index plummeted 221.82 points to 33,309.51, following a lower-than-expected wholesale inflation report and earnings from Disney
The S&P 500 index lost 7.02 points to 4,130.62.
The tech-heavy NASDAQ recovered 22.06 points, off its highs of the day, to 12,328.51.
Disney shares fell more than 8% the day after the media giant released its fiscal second-quarter results. While higher prices helped Disney's streaming division narrow its losses, it dealt a harsh blow to subscriber growth. The company also announced it would take on impairment charges of $1.5 billion to $1.8 billion as it removes more content from its streaming platforms.
Investor worry over regional banks once again flared up. PacWest Bancorp, the latest troubled bank in focus, said Thursday in a regulatory filing that deposits fell 9.5% during the week of May 5. PacWest shares dropped 22% Thursday, and the bank said it had access to $15 billion in immediate liquidity, if needed.
The producer price index, the Federal Reserve's preferred inflation gauge that measures wholesale prices, increased just 0.2% in April.
Economists polled by Dow Jones estimated PPI advanced 0.3% last month. The PPI data follows the consumer price index report from Wednesday, which showed inflation rose 4.9% year-over-year, below expectations.
Initial jobless claims grew by 22,000 for the week ending May 6 to 264,000, the U.S. Department of Labor said on Thursday. The latest jobless data was the highest reading since Oct. 30, 2021.
Prices for the 10-year Treasury moved forward, lowering yields to 3.38% from Wednesday's 3.44%. Treasury prices and yields move in opposite directions.
Oil prices $1.10 to $71.46 U.S. a barrel.
Gold prices sank $17.10 to $2,020.00 U.S. an ounce.