Wall Street retreated on Thursday, with major indexes heading for a third straight day of losses as stronger-than-expected economic data reduced hopes for near-term Fed rate cuts and lifted the dollar.

The U.S. economy grew at an annualized 3.8% in the second quarter, up from a prior 3.3% estimate and the fastest pace since the third quarter of 2023.

VOO is trading near recent highs. See what is driving the move here.

Fresh labor data also eased concerns over a weakening job market: initial jobless claims fell by 14,000 to 218,000 in the week ending Sept. 21, well below expectations for 235,000 and the lowest level in two months.

The upbeat numbers drove the dollar higher for a second session and pushed Treasury yields up, particularly on ...