Stocks slip on Thursday as postelection rally shows signs of fizzling: Live updates

U.S. stocks were lower Thursday, as investors tried to recapture the postelection momentum that lifted the major averages to record highs.

The Dow Jones Industrial Average slipped 128 points, or 0.3%. The S&P 500 ticked down 0.4%, while the Nasdaq Composite pulled back 0.3%.

Disney shares popped 7% after the media giant reported better-than-expected fiscal fourth-quarter results, boosting the Dow. The company got a boost from strong streaming growth driving its entertainment business.

Those moves come after the October producer price index released Thursday rose 0.2%, matching forecasts from economists polled by Dow Jones.

PPI excluding food and energy ran faster than forecast. The October consumer price index came in as expected on Wednesday, but nevertheless signaled the Federal Reserve’s fight against inflation is yet to be won. Core CPI rose by 0.3% for a third straight month, with the 12-month rate at 3.3%.

Investors are deliberating whether a postelection rally following Donald Trump’s decisive victory last week still has room to run after powering the major averages to new milestones. The Dow closed above 44,000 for the first time on Monday, and both the S&P 500 and Nasdaq Composite notched new highs. To be sure, both the S&P 500 and Nasdaq Composite are less than 1% off their respective 52-week highs. The Dow is roughly 1.4% off its most recent record.

“The fact that we had such an explosive week last week, now [we’re] having a little bit of a hangover and a malaise,” said Jay Woods, chief global strategist at Freedom Capital Markets. “But we’re holding onto most of those gains, so I think this week if anything is constructive.”

Investors will also closely monitor scheduled remarks from Fed Chair Jerome Powell on Thursday in Dallas, while the October retail sales report is due out Friday.