Stocks fell Thursday, snapping the Dow Jones Industrial Average's recent winning streak, as market participants digested this week's inflation data. The Dow dropped more than 170 points, while the S&P 500 Index and Nasdaq Composite lost about 0.6% each.

Here's how the market settled on Thursday:

S&P 500 Index (SPY  ): -0.62% or -27.35 points to 4,349.60

Dow Jones Industrial Average (DIA  ): -0.51% or -173.60 points to 33,631.27

Nasdaq Composite Index (QQQ  ): -0.63% or -85.46 points to 13,574.22

Driving market moves, the consumer price index (CPI) rose 0.4% in September and 3.7% year-over-year, the Labor Department reported Thursday, topping Wall Street expectations but marking a decrease from August's headline inflation gain of 0.6%. Excluding food and energy prices, core CPI rose 0.3% month-to-month and 4.1% annually, both coming in-line with Wall Street expectations.

U.S. Treasury yields rose to a 16-year high following September's CPI, climbing nearly 11 basis points to 4.707%.

Odds that the Federal Reserve will raise interest rates to a range of 5.50% to 5.75% at its December meeting rose to 31.4% Thursday from 26.3% on Wednesday, according to CME Group's FedWatch Tool, on September's CPI release. Market participants are currently pricing in an 88.2% chance policymakers will hold interest rates at their current range of 5.25% to 5.50% at their November meeting in a little over two weeks.

On the earnings front, Delta Air Lines (DAL  ) shares traded higher after the carrier reported better-than-expected third-quarter earnings. The company highlighted that is bottom line was 60% higher from a year ago due to strong travel demand. Walgreens Boots Alliance (WBA  ) shares dropped after the pharmacy chain missed earnings estimates as COVID vaccine and test demand waned in the U.S. Domino's Pizza (DPZ  ) shares fell after the pizza delivery chain posted disappointing third-quarter earnings and reported that U.S. comparable sales fell 0.6%.

Elsewhere, Ford (F  ) shares declined after the United Auto Workers announced the expansion of its U.S. strikes to the automaker's SUV and Super Duty pickups plant in Kentucky. "The strike was called after Ford refused to make further movement in bargaining," the union said in a release. "The surprise move marks a new phase in the UAW's Stand Up Strike."

Bank of America analyst Robert Ohmes upgraded Target (TGT  ) to Buy from Neutral Thursday. "With the stock trading at just 12x 2yr forward earnings, we believe the risk/reward outlook has improved and see catalysts that could drive upside to our modestly above-consensus EPS estimates as well as P/E multiple expansion," said Ohmes in a note.

For Friday, the third-quarter earnings season "officially" kicks-off with reports from companies including JPMorgan (JPM  ), BlackRock (BLK  ), Wells Fargo (WFC  ) and UnitedHealth Group (UHG  ) set for release. Market participants will also get another glimpse into the health of the U.S. consumer with October's preliminary reading on consumer sentiment from the University of Michigan.