U.S. stock benchmarks posted their biggest declines in more than three weeks Thursday as investors awaited inflation data that will help determine the pace of the Federal Reserve’s interest-rate increases this year.
The S&P 500 closed down 2.4%, or 97.95 points, at 4017.82, while the Dow Jones Industrial Average lost 1.9%, or 638.11 points, ending at 32272.79. The technology-focused Nasdaq Composite Index retreated 2.7%, or 332.05 points, to finish at 11754.23. The major indexes notched minor declines for much of the day before falling more significantly in the final hour of trading.
Traders and strategists say the inflation data could heavily influence the next stretch of trading for markets and help shape the Federal Reserve’s interest-rate decisions for later this year. The Fed’s June meeting will occur next week, and the central bank is widely expected to raise its key…
