The S&P 500 dropped 1.3% in pre-market trading, and the Dow Jones Industrial Average shed 470 points, or 1.5%. The tech-heavy Nasdaq fell 0.8%. The moves come after all three major indexes tumbled Wednesday following fresh CPI data.

First-time filings for unemployment insurance in the U.S. increased to 244,000 in the week ended July 9. Economists surveyed by Bloomberg had expected the latest figure to come in at 235,000. The producer price index for final demand surged 11.3% year-over-year in June and 1.1% from the prior month.

Dimon: "The U.S. economy continues to grow and both the job market and consumer spending, and their ability to spend, remain healthy" "But geopolitical tension, high inflation, waning consumer confidence, the uncertainty about how high rates have to go and the never-before-seen quantitative tightening," he said.

Shares of Morgan Stanley (MS) fall 1.7%. Citi (C) and Wells Fargo (WFC) down by 2.4% and 2.8% pre-market. Meanwhile, commodity markets remained under pressure on rising worries of a supply crunch.

West Texas Intermediate (WTI) crude futures fell by 2.33% to $94.06 per barrel. Brent Crude Oil fell by $1.94, or 1.95%, to $97.63. Consumer Price Index showed a year-over-year increase of 9.1% last month.
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