The Dow Jones lost 0.89% to 34,715.39 points, the tech-heavy Nasdaq index fell 1.30% to 14,154.02 points and the broader S&P 500 index fell 1.10. % at 4,482.73 points.

This is the fifth session of decline in a row for the Dow Jones.

The day had started on the rise, after two sessions of decline since the beginning of the week, with the hope of an inflection fueled by bargain purchases.

The Nasdaq was notably driven by the largest capitalizations, but Apple (-1.03%), Alphabet (-1.58%), or Nvidia (-3.66%) stalled in the afternoon, like many others.

On the Dow Jones side, with its most expensive action of the 30 stocks represented, the health insurance group UnitedHealth (+0.10% to 463.00 dollars), with well-received results, had almost succeeded in maintaining the index in the green, with another insurer, Travelers (+3.19% to 165.18 dollars).

But it decelerated as it neared the finish line, and Wall Street's flagship index turned around.

"Investors are still worried about inflation and seeing a much more aggressive Federal Reserve," said Jack Ablin, head of investment strategy at Cresset Capital.

The market is thus expecting at least three rate hikes this year, in particular to counter rising inflation.

"Last year, you had to buy when the market went down, and today you have to sell when it goes up," commented Patrick O'Hare of Briefing.com.

“The default direction remains down,” said Maris Ogg, president of management firm Tower Bridge Advisors.

"It will take time. We are probably now at the stage where investors are most negative about the Fed's next decisions."

Corporate results, although above expectations for the most part, are struggling to support the indices.

The operators "hear from the leaders that they must increase salaries and that costs are rising", notes Jack Ablin.

"Perhaps the margin squeeze we expected last year will happen this year."

A few stars of the new economy, which have become plagued by ratings in recent weeks, have given themselves a jump, such as Spotify (+0.63%) or the cryptocurrency trading platform Coinbase (+0.97%).

Conversely, industrial flagships that had benefited from a portfolio rotation of investors, frightened by inflation, fell, like US Steel (-5.71%) or Cleveland-Cliffs (- 3.79%).

Many computer technology heavyweights, such as semiconductor manufacturers AMD (-4.97%) or memory card specialist Micron (-5.48%), also looked gloomy.

American Airlines fell 3.18% to 16.76 dollars, after the publication of a quarterly turnover better than expected, as well as a loss less than expected.

The company nevertheless warned that the spread of the Omicron variant of the coronavirus had disrupted the rebound in passenger traffic.

The day before, its competitor United Airlines (-3.42% to 42.88 dollars) had made the same observation.

The title was sanctioned after the group announced a slower-than-expected capacity ramp-up.

Small cap compared to the big names on Wall Street, Peloton will nevertheless have fueled the conversations on Thursday.

After CNBC announced that the group was suspending its production of bicycles and treadmills, the group's stock was suspended four times and ultimately lost 23.93%, ending at $24.22.

In a session that lacked momentum, Chinese stocks came out on top, boosted by the announcement of a cut in the People's Bank of China's one-year key rate.

The Chinese e-commerce behemoths Alibaba (+2.58%), JD.com (+6.50%) or Pinduoduo (+2.75%) were thus at the party.

© 2022 AFP