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Dow, S&P 500 slip with focus on jobs report, wait for Mideast moves
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US stocks wavered on Thursday as the focus tentatively turned back to the economy and the monthly jobs report. Meanwhile, worries over the Middle East conflict rumbled in the background.
The S&P 500 (^GSPC) dropped just below the flatline, while the Dow Jones Industrial Average (^DJI) fell about 0.3%. The tech-heavy Nasdaq Composite (^IXIC) flipped between positive and negative territory. All three gauges closed Wednesday slightly above the flat line.
Some calm has returned to a market rattled by escalating Mideast tensions that have driven sharp gains in oil prices. Israel has yet to launch its promised retaliation to Iran's missile strike on Tuesday amid efforts by Western and regional leaders to stabilize the situation.
Investors are now bracing for the highly anticipated September jobs report on Friday after a surprise uptick in private payrolls came alongside signs the labor market is loosening up.
The market received more signs of general cooling in the labor market on Thursday. Weekly jobless claims ticked up slightly from the prior week. Meanwhile, planned layoffs in the US dipped from a five-month high, according to a report from Challenger, Gray and Christmas. But the firm's vice president said the data showed the labor market is at an "inflection point."
Any new signs of deterioration in the labor market could prompt the Federal Reserve to follow up its 0.5% interest rate cut last month with another jumbo move, despite policymakers' expectation of a 0.25% cut in November.
Meanwhile, the Israel-Iran crisis helped drive oil prices higher for a third day, another potential drag on economic activity. Brent crude (BZ=F) and West Texas Intermediate (CL=F) futures were both up as much as 4% on Thursday.
On the corporate front, Levi Strauss (LEVI) shares tumbled almost 8% after the jeans giant posted a disappointing revenue forecast and said it is considering a sale of its Dockers brand. Tesla's (TSLA) stock continued to slide in the wake of downbeat delivery figures, as Reuters reported the EV maker has halted US online orders for its cheapest Model 3.
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US stocks wavered on Thursday as the focus tentatively turned back to the economy and the monthly jobs report. Meanwhile, worries over the Middle East conflict rumbled in the background.
The S&P 500 (^GSPC) dropped just below the flatline, while the Dow Jones Industrial Average (^DJI) fell about 0.3%. The tech-heavy Nasdaq Composite (^IXIC) flipped between positive and negative territory. All three gauges closed Wednesday slightly above the flat line.
Some calm has returned to a market rattled by escalating Mideast tensions that have driven sharp gains in oil prices. Israel has yet to launch its promised retaliation to Iran's missile strike on Tuesday amid efforts by Western and regional leaders to stabilize the situation.
Investors are now bracing for the highly anticipated September jobs report on Friday after a surprise uptick in private payrolls came alongside signs the labor market is loosening up.
The market received more signs of general cooling in the labor market on Thursday. Weekly jobless claims ticked up slightly from the prior week. Meanwhile, planned layoffs in the US dipped from a five-month high, according to a report from Challenger, Gray and Christmas. But the firm's vice president said the data showed the labor market is at an "inflection point."
Any new signs of deterioration in the labor market could prompt the Federal Reserve to follow up its 0.5% interest rate cut last month with another jumbo move, despite policymakers' expectation of a 0.25% cut in November.
Meanwhile, the Israel-Iran crisis helped drive oil prices higher for a third day, another potential drag on economic activity. Brent crude (BZ=F) and West Texas Intermediate (CL=F) futures were both up as much as 4% on Thursday.
On the corporate front, Levi Strauss (LEVI) shares tumbled almost 8% after the jeans giant posted a disappointing revenue forecast and said it is considering a sale of its Dockers brand. Tesla's (TSLA) stock continued to slide in the wake of downbeat delivery figures, as Reuters reported the EV maker has halted US online orders for its cheapest Model 3.
For more on this article, please visit:
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