Investors digested Trump's new tariff salvo and the latest reading of the Fed's preferred inflation gauge, which showed prices rising as expected.

The Dow, S&P 500, and Nasdaq fell as uncertainty surrounding Federal Reserve rate cuts dominated the stock market.

Weekly jobless claims fall, while monthly durable goods orders bounce back

Investing.com-- The S&P 500 fell Thursday for the third-straight day as stronger-than-expected economic data dented hopes for deep Federal Reserve rate cuts, pushing Treasury yields higher and keeping a lid on tech stocks.

The stock market was on track to snap its three-day skid on Friday in the wake of the latest inflation report. The Dow Jones Industrial Average rose 340 points, or 0.7%. The S&P 500 was up 0.5%. The Nasdaq Composite was up 0.4%.

As of the closing bell on Sept. 15, the S&P 500's Shiller P/E clocked in with a multiple of 39.78. This represents the third-highest multiple during a continuous bull market when back-tested to January 1871 and is a 130% premium to the average multiple of 17.28 over the last 154 years.

Dow Inc. stock is down 56% amid high costs and weak demand. Click for why I see DOW offering a buy opportunity as recovery is expected from 2025.

The Dow Jones index rises Friday after Fed inflation data. Two bitcoin mining stocks fell after a J.P. Morgan downgrade.