STORY: U.S. stocks closed lower on Thursday as investors evaluated key economic indicators ahead of the Federal Reserve's policy meeting next week.

The Dow and S&P 500 each lost more than half a percent, and the Nasdaq shed more than six-tenths of a percent to dip back below 20,000 - a milestone it crossed a day earlier.

A Labor Department report showed U.S. producer prices rose more than expected in November.

While markets are still pricing in a quarter-point rate cut from the central bank next week, Christopher Carey, portfolio manager at Carnegie Investment Counsel, said Thursday's data may have muddied the picture on where the Fed goes from here.

"This is definitely a data point in the wrong direction, and I do think there is maybe just a little bit of nervousness with market participants, especially if you consider the run that we've had in the market not only this year but over the last couple months."

Stocks on the move Thursday included Adobe, which plunged nearly 14% after the Photoshop maker forecast fiscal 2025 revenue below Wall Street expectations.

Shares of Warner Bros. Discovery soared more than 15% after the media company announced plans to separate its declining cable-TV business from streaming and studio operations.

And Nordson slid more than 8% as the dispensing-equipment maker forecast fiscal 2025 revenue below Wall Street estimates.