Stocks rocked on Thursday as traders waited for Friday’s July jobs report to provide the latest snapshot on the health of the labor market and economy.
The Dow Jones Industrial Average is down 85 points, or 0.26%. The S&P 500 fell 0.09% on Wednesday after reaching its highest level since June. The Nasdaq Composite rose 0.24%.
slight rise weekly unemployment claims, was reported Thursday morning, weighing heavily on investors watching for signs of weakening labor market strength. The July jobs report, due out Friday, shows how employers hired last month. Economists estimate that about 250,000 jobs were added in July, down from 372,000 in June. The unemployment rate is projected to remain at 3.6% for him, according to FactSet.
In addition, investors will get the latest inflation data from the July Consumer Price Index report next week.
“We are looking at today as one of our wait-and-see days as we wait for the most important data to come out this week,” said Art Hogan, chief market strategist at B. Riley Financial, on Friday’s hiring. rice field. report.
Oil prices fell on fears of a global recession, dragging the energy sector down. This sector was the biggest laggard in the S&P 500.
Earnings season continues with a slew of reports released on Thursday. Eli Lilly shares fell after the company underperformed Wall Street’s quarterly earnings forecasts and lowered its full-year forecasts. Datadog and Lucid stocks also fell after both companies cut their future outlook.
Investors can get another earnings on Thursday. Virgin Galactic, AMC Entertainment and Beyond Meat will report after the bell.
Wall Street was finishing a strong session. On Wednesday, the Dow rose more than her 400 points and the S&P 500 hit her highest since June. The Nasdaq Composite of tech stocks rose about 2.5%.