Investing.com -- The Dow cut intraday cuts to close lower Thursday as rising Treasury yields pierced through early-day optimism following inflation data that surprised to the upside and signs of ongoing strength in the labor market.

The Dow Jones Industrial Average fell 0.6%%, 173 points, Nasdaq fell 0.6%, and the S&P 500 slipped 0.6%,

Inflation on the up and up, again; labor market strength continues

The consumer price index is expected to have rose to 0.4% in September, taking the annual rate to 3.7%, slightly above expectations for a 0.3% and 3.6% rise respectively.

The core measure, which excludes food and energy and is more closely watched by the Fed, remained steady at a 0.3%, but the "pace of improvement remains “uncomfortably slow,” Stifel said in a note.

The labor market, meanwhile, continued to surprise to upside as the initial jobless claims were short of the expectations.

“The claims data do not show any real evidence of a pickup in layoff activity,” Jefferies said in a note.

Still, the odds for rate hike next month remain low at 12%, according to Investing.com’s Fed Rate Monitor Tool.

Treasury yields resumed their advance, with the yield on the United States 2-Year Treasury rising above 5%.

Delta Air Lines flies in better-than-expected Q3 earnings, but cuts annual revenue outlook; Walgreens jumps on earnings

Delta Air Lines Inc (NYSE: DAL) reported third-quarter results that topped analysts estimates, but airline cut its full-year revenue outlook, sending its shares more than 2% lower.

For the full year, Delta Air Lines said it expects $6.00 to $6.25 in EPS, down from a prior estimate for EPS of $6 to $7. The company attributed the weaker guidance to a rise in fuel costs.

Ford reverse after UAW unexpectedly expands strikes; Stellantis in spotlight

Ford Motor Company (NYSE: F) fell 2% as the automaker is set to see further disruptions at its plants after United Auto Workers Union called a surprise strike at Ford’s most profitable plant in Kentucky on Wednesday.

Stellantis (NYSE: STLA), which was down 2%, will hope to avert further strikes at its plants as it held talks with UAW.

"Here’s to hoping talks at Stellantis today are more productive than Ford (NYSE: F) yesterday," UAW President Shawn Fain said.

Birkenstock continues to fall following disappointing stock market debut

Birkenstock Holding (NYSE: BIRK) fell 6.6%, adding to the 12% slump on Wednesday, when the German sandal maker made an underwhelming public market debut, ending the day below its $46 initial public offering price.

Disney, Comcast get sale process of Hulu underway}}

Walt Disney (NYSE: DIS) and Comcast (NASDAQ: CMCSA) have hired investment banks Morgan Stanley and JPMorgan, respectively, to value streaming site Hulu as the Nov. 1 deadline that will force Disney to buy the remaining 33% stake in Hulu from Comcast.

In 2019, Disney and Comcast stuck a “put/call” agreement under which either company could trigger a sale or purchase of Comcast's 33% stake in Hulu. The deal also set a guaranteed sale price of $27.5 billion for Comcast's stake.