05:04 PM EDT, 08/21/2025 (MT Newswires) -- The S&P 500 fell for the fifth day in a row, weighed down by a post-earnings selloff in Walmart ( WMT ) on Thursday as traders digested fresh economic data ahead of Federal Reserve Chair Jerome Powell's Jackson Hole speech.

The benchmark equity index declined 0.4% to 6,370.2. The Nasdaq Composite and the Dow Jones Industrial Average shed 0.3% each, to close at 21,100.3 and 44,785.5, respectively. Barring energy and materials, all sectors were in the red, led by consumer staples.

In company news, Walmart ( WMT ) shares declined 4.5%, the steepest decline on the Dow and the second-worst on the S&P 500. The retail giant's fiscal second-quarter earnings missed Wall Street's views, while the company raised its full-year outlook amid expectations for continued market share gains.

Coty ( COTY ) tumbled nearly 22%. RBC Capital Markets said Coty ( COTY ), which released its fiscal 2025 results late Wednesday, provided a "soft" outlook for 2026, though the beauty company has the potential to continue outperforming peers.

Nordson's ( NDSN ) shares were up 3%. The precision technology company late Wednesday logged fiscal third-quarter results above market estimates, buoyed by double-digit revenue growth in two of its main segments.

US Treasury yields were higher, with the two-year rate rising 3.3 basis points to 3.8% and 10-year rate increasing three basis points to 4.33%.

In economic news, US private-sector output growth reached an eight-month high in August, though tariff-related cost pressures drove the fastest growth in selling prices over the past three years, according to S&P Global's ( SPGI ) flash purchasing managers' index.

"Companies have consequently passed tariff-related cost increases through to customers in increasing numbers, indicating that inflation pressures are now at their highest for three years," S&P Global Market Intelligence Chief Business Economist Chris Williamson said. "The resulting rise in selling prices for goods and services suggests that consumer price inflation will rise further above the (Federal Reserve's) 2% target in the coming months."

Markets are pricing in a roughly 74% probability that the Federal Open Market Committee will reduce interest rates by 25 basis points next month, down from 82% on Wednesday, according to the CME FedWatch tool. The odds of another pause rose to nearly 26% from 18%.

Weekly applications for unemployment insurance in the US rose more than expected, while continuing claims reached their highest level since November 2021, government data showed.

"This is the last jobs indicator (Powell) will have before his highly anticipated speech on Friday," said BMO Senior Economist Priscilla Thiagamoorthy. "Although the US economy is generally holding up, labor market conditions are softening and rate-sensitive sectors -- like housing -- remain under pressure."

Powell is scheduled to speak in Jackson Hole, Wyoming, on Friday. Traders will be assessing his comments for any hints on an interest rate cut next month.

On Wednesday, minutes from the FOMC's July meeting showed that a majority of policymakers saw potential inflation pressures outweighing risks to the labor market. Participants also indicated that it would take time to gain more clarity on the exact impact of tariffs on prices.

Kansas City Fed President Jeffrey Schmid said the US central bank still has more work to do on inflation, CNBC reported Thursday. Separately, Atlanta Fed President Raphael Bostic said that he still thinks the FOMC can reduce its benchmark lending rate once in 2025, Reuters reported.

Existing home sales in the US unexpectedly rose in July as price growth nearly stalled, data from the National Association of Realtors showed.

"Despite more listings, buying activity remains muted amid elevated mortgage rates, the poorest affordability in decades and a slowing job market," Thiagamoorthy said.

West Texas Intermediate crude oil was up 1.2% at $63.48 a barrel in Thursday late-afternoon trade.

Gold was down 0.2% at $3,382.80 per troy ounce, while silver rose 0.8% to $38.58 per ounce.