Stocks are little changed with investors on edge ahead of Friday’s jobs data: Live updates
Hakyung Kim
Lisa Kailai Han
NEW YORK, NEW YORK - OCTOBER 04: Traders work on the floor of the New York Stock Exchange during morning trading on October 04, 2023 in New York City. The market opened up slightly high amid the release of the ADP employment report after all three major indexes closed dropping over 1% with the Dow Jones dropping 425 points. (Photo by Michael M. Santiago/Getty Images)
Traders work on the floor of the New York Stock Exchange during morning trading on October 04, 2023 in New York City.
Michael M. Santiago | Getty Images
Stocks were little changed Thursday as investors were cautious ahead of key jobs data on Friday that could determine the next move for interest rates.
The S&P 500 slipped marginally. The Dow Jones Industrial Average traded just below the flatline, along with the Nasdaq Composite.
Weekly initial jobless claims came in at 207,000 for the week ending Sept. 30, up just 2,000 from the prior week’s numbers. Economists had forecasted 210,000, according to a Dow Jones consensus estimate. While the slight increase in jobless claims was about in-line with the Street, it disappointed some investors hoping the weekly data would start to signal a labor market breakdown and end the run in rates that’s hurting stocks.
The 10-year Treasury yield ticked higher after the jobless claims report. It was last yielding 4.706%.
On Friday, economists polled by Dow Jones believe non-farm payrolls for September will show a 170,000 increase, that would be down from a 187,000 jobs gain in August. While investors aren’t hoping for a recession, they are wishing for some labor market weakness that would cause the Federal Reserve to rethink raising rates again and halt the run in Treasury yields to 16-year highs.
Stocks got a slight boost on Thursday after payroll processing firm ADP said that private job growth totaled 89,000 for September. That number came in well below the 160,000 estimate from Dow Jones, and it seemed to assure investors that the labor market is loosening.
Shares of Clorox slid 4% on Thursday, following guidance from the company for its fiscal first quarter that was much lower than consensus. Energy companies continued their downturn as crude prices continued to fall.