In a day of mixed fortunes on Wall Street, U.S. stocks are trending downward this Thursday, losing momentum after a significant rally that had nearly pushed them to record heights.

The S&P 500 slipped by 0.3% in early trading, while the Dow Jones Industrial Average faced a steeper decline, down 246 points or 0.6%, as of 9:35 a.m. Eastern Time. The Nasdaq composite echoed this trend with a similar drop of 0.3%.

A major player in the Dow's decline is Boeing, which saw its stock plummet by 5.5% following grave news about one of its aircraft. An Air India flight, a Boeing 787 Dreamliner, tragically crashed shortly after takeoff from Ahmedabad airport on its way to London, carrying 242 passengers and crew. The crash occurred just five minutes in and landed in a residential area, raising safety concerns and putting Boeing in the hot seat.

In more positive news, the bond market reacted favorably to the latest inflation data, which indicated that wholesale inflation wasn’t as severe as economists had projected. Following a similar report on consumer inflation the previous day, Wall Street viewed this as a potential signal for the Federal Reserve to consider interest rate cuts later this year to stimulate economic growth.

Despite its hesitation, the Federal Reserve has been monitoring the impact of tariffs imposed by the Trump administration, weighing the balance between encouraging economic growth and controlling inflation. The yield on the 10-year Treasury fell to 4.36%, a significant drop from 4.80% earlier this year.

Further compounding the mixed market sentiment, a report highlighted an unexpected uptick in jobless claims, with more U.S. workers applying for unemployment benefits than anticipated, marking the highest level in eight months.

On a brighter note, tech giant Oracle surged by 9.6% after reporting quarterly profits and revenues that exceeded analysts' expectations, demonstrating robust performance in a competitive industry.

Across global markets, European and Asian indices delivered a mixed performance, with Hong Kong's Hang Seng index taking a notable hit, tumbling 1.4% as it corrected from significant gains earlier in the year. Despite this setback, it's still enjoying a nearly 20% increase year-to-date.