NEW YORK: US stocks ended just slightly lower after bouncing off session lows on Thursday (Oct 5) as investors awaited Friday’s monthly jobs report and further possible clues on the outlook for interest rates.
The Dow Jones Industrial Average fell 9.98 points, or 0.03%, to 33,119.57, the S&P 500 lost 5.56 points, or 0.13%, to 4,258.19 and the Nasdaq Composite dropped 16.18 points, or 0.12%, to 13,219.83.
US data on initial claims for state unemployment benefits pointed to still-resilient labour market conditions, a day after a report showing US private payrolls increased less than expected in September.
Friday’s monthly payrolls report could be the week’s most important economic news, however, as investors remained concerned about whether the Federal Reserve will keep rates higher for longer.
Benchmark US Treasury yields eased. Earlier this week, they hit their highest since 2007.
Stocks ended well off their weakest levels of the session, and strategists noted the S&P 500 was holding above its 200-day moving average, currently at around 4,206.
“It looks like we’re trying to hold here, and the reason is probably because yields have come down somewhat and these comments by Mary Daly may have also helped a little bit,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
San Francisco Fed Bank president Mary Daly said at the Economic Club of New York that with US monetary policy “well into” restrictive territory and the recent rise in US Treasury yields, the Fed may not need to raise rates any more.
Among the day’s decliners, Clorox Co dropped 5.2% as the cleaning products maker said it expects to post a first-quarter loss.
Also, shares of Dell Technologies were down 1.5% after the company’s revenue forecast signalled that an AI boost may take longer to materialize.
After recent market weakness, investors are keen for third-quarter earnings reports to kick off mid-month. S&P 500 company earnings overall are expected to have risen 1.6% year-over-year for the quarter, according to LSEG IBES data. – Reuters
Source: The Sun Daily
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