Stocks fell on Thursday, but the losses were mitigated after the release of weaker-than-expected inflation data.
The Dow Jones Industrial Average dropped 150 points as Walgreens Boots Alliance lagged. The S&P 500 pulled back 0.6 percent, on pace for a six-day losing streak, while the Nasdaq Composite slid 0.7 percent.
Tech shares were under pressure once again. Amazon fell 3.6 percent, while Apple declined more than 1 percent. Facebook and Netflix also traded lower.
The consumer price index rose 0.1 percent in September, well below the expected gain of 0.2 percent.
Treasury yields fell from multiyear highs after the release of the data. The 10-year Treasury note yield traded at 3.167 percent while the two-year yield slipped to 2.848 percent.
Rising U.S. Treasury yields had been keeping investors on their toes in previous sessions. The benchmark 10-year note yield recently hit its highest level in seven years while the two-year yield reached its highest mark since 2008 on Wednesday.
The rise in yields has stoked fears that rising borrowing costs could slow down the economy. It also adds concerns over what the future of U.S. monetary policy. The Federal Reserve has hiked rates three times this year and is largely expected to raise rates once more before year-end.
“Net, net, the economy may be running hot, but it isn’t fast enough to kick up inflation pressures and calls into question the need for Fed policymakers to move interest rates to higher levels,” Chris Rupkey, chief financial economist at MUFG Union Bank, said in a note.