Stock market today: live updates

Stock futures fell on Thursday, with the S&P 500 and Dow Jones Industrial Average expected to fall from their records as economic data pointed to stubborn inflation and a rise in unemployment.

Futures tied to the Dow Jones Industrial Average fell 100 points or 0.2%. S&P 500 futures were 0.35% lower, and Nasdaq 100 futures fell 0.5%.

The consumer price index for September rose more than expected last month, rising 0.2% on a monthly basis and up 2.4% from a year earlier. That was above the 0.1% and 2.3% growth expected by analysts surveyed by Dow Jones. The year-on-year figure marked the lowest increase since February 2021.

The findings will inform the Federal Reserve's next policy moves as it prepares for its first meeting after September's outsized cut. The results also come as fears grow that the central bank could slow the pace of future cuts. According to CME Group's FedWatch tool, Fed Funds futures trading data suggests an 89 percent chance of a quarter-point cut.

“Combine this data with last Friday's gigantic jobs numbers, the path to future Fed rate cuts remains uncertain,” said Paul Toft, senior portfolio manager at Key Wealth.

Minutes from the last meeting released on Wednesday also appeared to indicate some disagreement over last month's 50 basis point cut. Although a “significant majority of participants,” some supported a smaller step.

Stocks are coming off a successful session, with the S&P and Dow posting record closes, while technology stocks rose and geopolitical concerns eased.