PayPal Holdings Inc.'s stock is one of the chief decliners in the S&P 500 on Thursday, off 3.2% after a downgrade at Bernstein. “While product velocity is improving, we remain worried about competitive pressures on the cash-cow core button, which often is still richly priced versus peers,” Bernstein’s Harshita Rawat wrote in a note to clients.

The Dow and the S&P 500 closed at a record high. Markets are waiting for September inflation data, a key data point ahead of the Fed's next move.

Major stock indexes remained higher Wednesday, with the Dow Jones Industrial Average and S&P 500 on track for record finishes after the release of minutes from the Federal Reserve's September policy meeting. The Dow was up around 363 points, or 0.9%, near 42,444, on track to top its record close of 42,352.75 set on Friday.

Indexes slipped Thursday as investors took in hotter-than-expected inflation data on the heels of last week's blockbuster jobs report.