Stock market today: US indexes fall as Fed President tempers rate-cut hopes, oil tops $90

• US stocks turned lower on Thursday after earlier gains, with concerns lingering over the Federal Reserve's less optimistic outlook on rate cuts.
• Brent crude surged past $90 a barrel, driven by OPEC+ cuts for the first time since October, driven by high demand and geopolitical tensions.
• Investors eagerly anticipate Friday's release of non-farm payroll and unemployment data for a better understanding of the current job market.

US stocks closed sharply lower on Thursday, shedding earlier gains following new comments from a Federal Reserve officer dented hopes of rate cuts this year, and ahead of Friday's jobs report.

Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, said during a LinkedIn event that interest-rate reductions might not be necessary in 2024 if inflation stagnates, particularly if the economy continues to demonstrate strength.

"If we continue to see inflation moving sideways, then that would make me question whether we needed to do those rate cuts at all," he said, adding that he's waiting for clearer signs of price progress towards the Fed's 2% target before considering any cuts to borrowing costs.

Meanwhile, Brent crude rose as much as 1%, breaching $90 a barrel for the first time since October, following the OPEC+ production cuts, robust demand and escalated geopolitical risks.

Thursday's jobless claims hit a two-month high, while Wall Street eagerly awaits Friday's non-farm payroll and unemployment data for a clearer picture of the current employment outlook.

Here's where US indexes stood at the 4 p.m. closing bell on Thursday: 

• S&P 500: 5,147.21, down 1.2%
• Dow Jones Industrial Average: 38,596.98, down 1.4% (530 points)
• Nasdaq Composite: 16,049.08, down 1.4%

Here's what else happened today: 

• The Feds are transferring bitcoin to Coinbase from a $2 billion crypto wallet seized from Silk Road
• A multi-trillion-dollar bull market is coming for assets that benefit from higher inflation, top macro strategist says
• A peak in bitcoin would pressure big tech stocks and drag the S&P 500 lower over the next 6 months, Wall Street strategist says
• The CEO of a weight-loss ETF that's crushing the S&P 500 since launching in November shares 4 stocks he sees with over 100% upside in the next 12 months
• Levi Strauss stock soars 20% on earnings beat as Beyoncé's shoutout drives hype

In commodities, bonds, and crypto: 

• West Texas Intermediate crude oil dipped by 0.41% to $85.08 a barrel. Brent crude, the international benchmark, rose 1.67% to $90.85 a barrel. 
• Gold slipped 0.17% to $2,295.67 per ounce. 
• The 10-year Treasury yield dropped 4.4 basis points to 4.313%. 
• Bitcoin rose 4.03% to $68,750.