U.S. stocks fell in choppy trading on Thursday as investors mulled over several economic reports that showed a muddy picture of the U.S. economy.
The Dow Jones Industrials backed off 31.45 points to noon hour EDT Thursday to 31,103.64
The S&P 500 sank 23.46 points to 3,922.55.
The NASDAQ Composite subtracted 113.15 points, or 1%, to 11,606.53.
Shares of Adobe fell 13% after the company announced a $20-billion deal to buy Figma, weighing on the Nasdaq. Oil giant Chevron dropped 2%, hurting the Dow.
Financial stocks outperformed, with Goldman Sachs rising 1.3% and JPMorgan climbing 1%.
On Thursday, initial jobless claims came in better than expected, but import prices saw a smaller drop than estimates suggested. Retail sales beat expectations, but turned negative when excluding autos.
Manufacturing data also showed a slowing economy. While those reports suggest that the U.S. consumer sector is holding its ground for now, they will do little to alleviate concerns about persistent inflation.
Treasury prices slumped, raising yields to 3.46% from Wednesday's 3.41%. Treasury prices and yields move in opposite direction.
Oil prices swooned $3.13 to $85.35 U.S. a barrel.
Gold prices dropped $29.70 to $1,679.40 U.S. an ounce.