The Nasdaq dropped 0.51%, the Dow Jones managed a measly gain of 1.58 points to end the day, and the S&P 500 declined by 0.19%.

The S&P 500 declined for a fifth day as investors considered the prospect of a recession and a longer-than-anticipated Federal Reserve raising cycle.

The Nasdaq dropped 0.51%, the Dow Jones managed a measly gain of 1.58 points to end the day, and the S&P 500 declined by 0.19%.

With the Dow down 2.42%, stocks are headed for weekly losses. The S&P 500 and the Nasdaq are also down by 3.38% and 4.39%, respectively.

After the significant bounce off the October lows, the market is "kind of bobbing and weaving" and "getting its breath," according to Ryan Detrick, the chief market analyst at the Carson Group. He anticipates that this pattern will continue in the markets until the consumer price index report for November, and the Fed's December policy meeting to provide investors with more clarity.

The central bank is set to announce a 50 basis point rate increase next week. Although the rate hike would be less drastic than the last four, there are still doubts about the Fed's ability to manage inflation while implementing a "soft landing."

Some investors have recently been shaken by fears of a recession in 2023.

Fears about the effects of the crisis on consumers hurt equities in the travel and leisure industry as well. Expedia and Booking Holdings both experienced declines of more than 4% and 6%, while Airbnb experienced a 1% decline.

Energy stock prices remained unchanged despite a more than 2% decline in crude after data showed mixed U.S. petroleum data. Crude stockpiles decreased more than anticipated, but gasoline inventories increased, somewhat offsetting good news about demand as a result of China relaxing COVID restrictions.

In corporate news, investors digested a range of quarterly results.

Despite the housing market being negatively impacted by rising mortgage rates, Toll Brothers announced better-than-expected fourth-quarter performance. Its stock increased by more than 7%.

However, despite the fact that Dave & Buster's Entertainment's third-quarter results were above Wall Street expectations, the company's stock dropped by 7%.

Meanwhile, Lowe's defied the trend and increased by more than 2% on the reaffirmation of its full-year forecast and the launch of a new $15 billion stock repurchase programme.

(Sources: investing.com, reuters.com, cnbc.com)