Stock market today: Dow, S&P 500, Nasdaq slip with focus on jobs report, wait for Mideast moves
10/03/2024 20:40
WIth the jobs report a day away, the focus is tentatively turning back to the economy, pushing Mideast worries to the background.
US stocks drifted lower 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 0.2%, while the Dow Jones Industrial Average (^DJI) fell about 0.3%. The tech-heavy Nasdaq Composite (^IXIC) moved roughly 0.4% lower. All three gauges closed Wednesday slightly above the flatline.
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.
Investors 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.
Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards
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 over 2% on Thursday.
On the corporate front, Levi Strauss (LEVI) shares tumbled over 10% in premarket 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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Stocks open lower with monthly jobs report on deck, Middle East tensions high
Stocks opened lower on Thursday as investors turn their attention this week to monthly jobs data for clues about the health of the economy, while keeping a close eye on the Middle East conflict.
The S&P 500 (^GSPC) fell 0.3%. The Dow Jones Industrial Average (^DJI) fell 0.3% while the tech-heavy Nasdaq Composite (^IXIC) moved lower 0.5% after all three averages closed above the flatline on Wednesday.
Investors await the highly anticipated September jobs report out on Friday morning. Weekly jobless claims releaseed on Thursday ticked up slightly from the prior week.
In commodities, oil prices were up Thursday as the Israel-Iran crisis has raised concerns of supply disruptions in the region. Brent (BZ=F) and West Texas Intermediate (CL=F) each up more than 2% in early trading.