Stock Market Today: Dow falls as rising yields return to put squeeze on stocks

investing.com:

Investing.com — The Dow cut intraday cuts to close lower Thursday as rising Treasury yields pierced through early-day optimism following inflation data that surprised to the upside and signs of ongoing strength in the labor market.  

The Dow Jones Industrial Average fell 0.6%%, 173 points, Nasdaq fell 0.6%, and the S&P 500 slipped 0.6%,

The consumer price index is expected to have rose to 0.4% in September, taking the annual rate to 3.7%, slightly above expectations for a 0.3% and 3.6% rise respectively.

The core measure, which excludes food and energy and is more closely watched by the Fed, remained steady at a 0.3%, but the «pace of improvement remains “uncomfortably slow,” Stifel said in a note.

The labor market, meanwhile, continued to surprise to upside as the initial jobless claims were short of the expectations.

“The claims data do not show any real evidence of a pickup in layoff activity,” Jefferies said in a note.

Still, the odds for rate hike next month remain low at 12%, according to Investing.com’s Fed Rate Monitor Tool.

Treasury yields resumed their advance, with the yield on the United States 2-Year Treasury rising above 5%.

Delta Air Lines Inc (NYSE:DAL) reported third-quarter results that topped analysts estimates, but airline cut its full-year revenue outlook, sending its shares more than 2% lower.

For the full year, Delta Air Lines said it expects $6.00 to $6.25 in EPS, down from a prior estimate for EPS of $6 to $7. The company attributed the weaker guidance to a rise in fuel costs.  

Ford Motor Company (NYSE:F) fell 2% as the automaker is set to see further disruptions at its plants after United Auto Workers Union called a surprise strike at Ford’s most profitable plant in Kentucky on Wednesday. 

Stel