Stocks fell Thursday after another hot inflation report, and a decline in jobless claims, showed the economy is holding up amid the Federal Reserve's rate hikes.
The Dow Jones Industrials cratered 431.66 points, or 1.3%, to finish Thursday at 33,696.39
The S&P 500 stumbled 57.09 points, or 1.4%, to 4,090.51.
The NASDAQ Composite trashed 214.76 points, or 1.8%, to 11,855.83.
Investors will also continue watching company earnings for signs about the strength of the consumer. DropBox, DoorDash and DraftKings are all scheduled to report Thursday after the bell.
January's producer price index, another inflation measure, rose 0.7% on the month while economists surveyed by Dow Jones expected a 0.4% increase. Initial jobless claims unexpectedly fell for the week ending February 11, per a U.S. Labor Department report.
The new data comes after January's consumer price index and retail sales report were both higher than expected, suggesting that the Federal Reserve may have further to go in its efforts to tame inflation.
Prices for the 10-year Treasury fell, carrying yields to 3.86% from Wednesday's 3.80%. Treasury prices and yields move in opposite directions.
Oil prices was behind 55 cents to $78.04 U.S. a barrel.
Gold prices gained 80 cents to $1,846.10 U.S. an ounce.