Dow falls 100 points ahead of Friday’s jobs data: Live updates

Stocks fell on Thursday as investors remained cautious ahead of Friday’s key jobs data that could determine the next interest rate move.

The Dow Jones Industrial Average experienced a decline of 128 points, equivalent to a 0.4% decrease. The S&P 500 and Nasdaq Composite lost 0.7% and 1%, respectively.

Clorox shares fell 8.5% on Thursday following the earnings release, making consumer staples the worst-performing sector in the S&P 500, down 1.3% on the day. Utilities continued to decline and also lost 1.2%. Most recently, AES and NextEra Energy lost almost 4%.

Weekly jobless claims totaled to 207,000 for the week ending September 30, an increase of just 2,000 from the previous week’s data. The Dow Jones consensus estimate was at 210,000, and while the moderate increase in jobless claims was more or less in line with Street forecasts, it disappointed some investors who had hoped the weekly data would signal a housing market slump and a decline signaled the end of the crisis. Trend. the interest rate hike, which hurts stocks.

The 10-year Treasury yield initially rose and then began to decline following the jobless claims report. The most recent return was 4.731%.

“We are moving from what everyone sees as a low-stakes environment to a more standardized, high-stakes environment.” “These adjustment periods are difficult,” said Scott Ladner, chief investment officer at Horizon Investments.

On Friday, economists polled by Dow Jones said nonfarm payrolls data for September would show a gain of 170,000 jobs, compared with a gain of 187,000 jobs in August. Even as investors hope for a recession, they want some weakness in the labor market that will prompt the Federal Reserve to reconsider raising interest rates and prevent Treasury yields from reaching their highest level in 16 years.

Ladner is optimistic that the job market is easing in the “healthiest way possible” given unemployment claims and wage data ahead of the September jobs report.

“All the data on the labor market shows us that the situation is improving. But in terms of numbers, they’re getting better, they’re getting softer, and they’re doing it in the healthiest way possible, which means they’re hiring less, but they’re still not doing a lot of layoffs,” Ladner said.

shares rose slightly on Wednesday after the latest jobs data from ADP signaled to investors that the job market was beginning to slow.

The broad market index and the 30-stock Dow Jones index maintain momentum from a week of weakness. The Dow fell 1.1% this week and turned negative for the year during Tuesday’s selloff. The S&P 500 index is below 0. up 5% for the week, while the Nasdaq rose just 0.1%.

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