The Dow Jones Industrial Average sold off 600 points Thursday after another hot inflation report came out before the market open. Key earnings movers were banking giants JPMorgan Chase and Morgan Stanley (MS), along with Taiwan Semiconductor Manufacturing (TSM) Shares of both JPMorgan and Morgan Morgan Stanley dropped in early trade after weaker-than-expected results.

Dow Jones tech leaders Apple (AAPL) and Microsoft (MSFT) were down around 1% each after today's stock market open. In a volatile stock market environment, Dow Jones leaders Johnson & Johnson (JNJ), Merck (MRK) and UnitedHealth (UNH) are among the stocks to watch.

After Thursday's open, the Dow Jones Industrial Average sold off 2%, and the S&P 500 dropped 1.9%. The tech-heavy Nasdaq composite lost 1.7% in morning trade. U.S. oil prices extended this week's losses, sliding more than 2% in early action.

Labor Department's Producer Price Index showed prices up 1.1% in June. Producer inflation jumped 11.3% year-over-year, much hotter than the 10.4% estimate. West Texas Intermediate traded near $94 per barrel — its lowest level since April 11. First-time unemployment claims rose to 244,000 vs. 235,000 in the prior week.

The S&P 500 marked its fourth straight decline. The tech-heavy Nasdaq composite pared heavy losses to 0.15%. NYSE volume, meanwhile, rose slightly. That marks a third day of distribution since the market outlook changed to a confirmed uptrend with the June 24 follow-through day.
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