Stocks were set for a second day of losses as investors grew increasingly concerned the Federal Reserve will keep raising rates despite signs of slowing inflation.

Futures tied to the Dow Jones Industrial Average fell 230 points, or 0.7%. S&P 500 futures and Nasdaq 100 futures shed 0.7% and 0.8%, respectively.

Initial filings for unemployment insurance fell to their lowest level since late June last week, the Labor Department reported Thursday, signaling to investors that the labor market is resilient amid a slowing economy.

Claims totaled a seasonally adjusted 190,000 for the week ending Jan. 14, a decline of 15,000 the previous period. Economists surveyed by Dow Jones had been looking for 215,000.

Investors have been parsing through the latest data and Fed remarks for clues on how high rates will go. But, while recent numbers point to easing inflation, JPMorgan Chase CEO Jamie Dimon thinks rates will top 5%.

“I think there’s a lot of underlying inflation, which won’t go away so quick,” Dimon told CNBC’s “Squawk Box” from the World Economic Forum in Davos, Switzerland.

Wall Street is coming off a losing session. The S&P 500 tumbled 1.56% on Wednesday for its worst day since Dec. 15. The Dow shed more than 613 points, or 1.81%. The tech-heavy Nasdaq Composite fell 1.24%, snapping seven-straight days of gains. Bank stocks such as JPMorgan, Bank of America and Wells Fargo slid, weighing on the broader market.

Disappointing retail sales and a weaker-than-expected producer price index reading ignited recession fears, sending stocks lower.

Elsewhere, investors are watching key quarterly reports to see if there is an earnings recession brewing. Netflix and Truist Financial are among companies reporting earnings on Thursday.