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Wall Street stocks moved lower Thursday, coming off a day of gains amid a bond rout reprieve, with the focus now turning to Friday’s key labor market data.
In midday trading, the Dow Jones Industrial Average (^DJI) slipped 0.4% after breaking a three-day losing streak on Wednesday as the major stock indexes recovered from a sell-off. The S&P 500 (^GSPC) was down 0.5%, while the tech-heavy Nasdaq Composite (^IXIC) lost 0.6%.
A pullback in bond yields’ blistering rally has brought some relief to battered stocks, and the 10-year Treasury yield (^TNX) was slightly lower after losing hold of 16-year highs the previous session.
Data showed US weekly jobless claims ticked higher last week but undershot economists’ expectations. They held near-historic lows, a sign of resilience in the labor market in the face of Fed rate hikes.
It’s another data point ahead of Friday’s jobs report for September, after weaker-than-expected ADP private-sector hiring data provided another sign the labor market is cooling. That could prompt the Fed to think twice about raising borrowing costs again, lifting some pressure on markets.
But some analysts believe the monthly report could be bad for stocks, whether the print is cool or hot, given the recent surge in bond yields.
Meanwhile, oil prices continued to retreat on Thursday, amid concerns that a global economic slowdown will hit demand. WTI crude oil futures (CL=F) fell 1.8% to below $83, having fallen by the most since last September the previous day. Brent crude futures (BZ=F) were down 1.9%, just above $84 after breaking below the key level Wednesday for the first time since late August.
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