Stocks Slip as Strong Economy and Inflation Data Reinforce High Rate Outlook

• U.S. stocks drifting lower on Thursday after Wednesday's drop due to worries that interest rates may stay high for a while • Inflation data released Thursday showed wholesale inflation slightly lower than expected, but underlying trends still concerning • Number of U.S. unemployment benefit claims fell last week, indicating job market remains strong despite high rates • Earnings reporting season underway; analysts expect S&P 500 companies to report third straight quarter of profit growth • Bond yields mixed, keeping pressure on stock prices, as traders scale back expectations for Fed rate cuts in 2023