Stock market today: Dow, S&P 500, Nasdaq fall after back-to-back losses, jobless claims dip

Economic Indicators - Jobless claims in the US decreased to 218,000 for the week ending September 20, down from 232,000 previously, indicating a positive sign for the labor market [3] - Continuing claims also fell slightly to 1.92 million, suggesting stability in employment [3] - The US second quarter GDP rose to an annualized pace of 3.8%, rebounding from a 0.6% decline in Q1 and exceeding estimates of 3.3% growth [4] Market Reactions - US stocks experienced declines, with the Dow Jones Industrial Average dipping about 0.3%, the S&P 500 losing 0.6%, and the Nasdaq Composite falling 0.9% [1] - The recent record-breaking rally in stocks is facing challenges as debates arise over whether AI enthusiasm is inflating valuations excessively [2] - The optimism from the Federal Reserve's shift to lowering rates is diminishing due to signs of division among policymakers, impacting expectations for future rate cuts [2] Corporate Developments - Costco (COST) is anticipated to report its quarterly results, with expectations of a significant increase in sales as consumers seek deals amid economic uncertainty [5]