The Dow Jones fell on Thursday as traders anxiously awaited Friday’s jobs report, which will give more information about a possible economic slowdown.
The Dow Jones Industrial Average fell 74 points, or 0.23%. The S&P 500 lost 0.39% after hitting its highest level since June on Wednesday, and the Nasdaq Composite Index fell 0.35%, retreating from a threshold last seen in May.
slight rise in weekly unemployment claims, A report Thursday morning weighed on investors who are watching for signs of waning labor market strength. The July jobs report, due on Friday, will show how employers hired last month. Additionally, investors will get an updated view of inflation data from the July CPI report next week.
Art Hogan, chief market strategist at BP, said: Report.
Oil prices fell on fears of a global recession and dragged the energy sector down. This segment was the largest lagging behind in the S&P 500.
Earnings season continues, with a slew of reports on Thursday. Eli Lilly’s shares tumbled after the company miscalculated Wall Street estimates for its quarterly results and lowered its full-year forecast. Datadog and Lucid shares also fell after the two companies cut future forecasts.
Wall Street was emerging from a strong trading session. On Wednesday, the Dow advanced more than 400 points, while the S&P 500 hit its highest level since June. The tech-heavy Nasdaq Composite Index jumped about 2.5%.
Investors will get another dividend boost on Thursday. Virgin Galactic, AMC Entertainment and Beyond Meat are all set to report after the bell.
In addition, Loretta Meester, president of the Federal Reserve Bank of Cleveland, speaks at the Economic Club of Pittsburgh.
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