Dow, S&P 500, Nasdaq slip with cope with jobs report, wait for Mideast moves – Finapress

US stocks drifted lower on Thursday because the predominant goal tentatively turned back to the economy and the monthly jobs report. Meanwhile, worries over the Middle East conflict rumbled inside the background.

The S&P 500 (^GSPC) dropped 0.2%, while the Dow Jones Industrial Average (^DJI) fell about 0.3%. The tech-heavy Nasdaq Composite (^IXIC) moved roughly 0.4% lower. All three gauges closed Wednesday barely above the flatline.

Some calm has returned to a market rattled by escalating Mideast tensions which have driven sharp gains in oil prices. Israel has yet to launch its promised retaliation to Iran’s missile strike on Tuesday, amid efforts by Western and regional leaders to stabilize the situation.

Investors in the mean time are bracing for the highly anticipated September jobs report on Friday, after a surprise uptick in private payrolls came alongside signs the labor market is loosening up.

Investors received more signs of general cooling inside the labor market on Thursday. Weekly jobless claims ticked up barely from the prior week. Meanwhile, planned layoffs inside the US dipped from a five-month high, according to a report from Challenger, Gray and Christmas. Nonetheless the firm’s vice chairman said the data showed the labor market is at an “inflection point.”

Any recent signs of decay inside the labor market could prompt the Federal Reserve to follow up its 0.5% interest-rate cut last month with one other jumbo move, despite policymakers’ expectation of a 0.25% cut in November.

Read more: What the Fed rate cut means for bank accounts, CDs, loans, and bank cards

Meanwhile, the Israel-Iran crisis helped drive oil prices higher for a third day, one other potential drag on economic activity. Brent crude (BZ=F) and West Texas Intermediate (CL=F) futures were each up over 2% on Thursday.

On the corporate front, Levi Strauss (LEVI) shares tumbled over 10% in premarket after the jeans giant posted a disappointing revenue forecast and said it’s considering a sale of its Dockers brand. Tesla’s (TSLA) stock continued to slide inside the wake of downbeat delivery figures, as Reuters reported the EV maker has halted US online orders for its least expensive Model 3.

Live1 update

  • Stocks open lower with monthly jobs report on deck, Middle East tensions high

    Stocks opened lower on Thursday as investors turn their attention this week to monthly jobs data for clues with reference to the health of the economy, while keeping an in depth eye on the Middle East conflict.

    The S&P 500 (^GSPC) fell 0.3%. The Dow Jones Industrial Average (^DJI) fell 0.3% while the tech-heavy Nasdaq Composite (^IXIC) moved lower 0.5% regardless of every little thing three averages closed above the flatline on Wednesday.

    Investors await the highly anticipated September jobs report out on Friday morning. Weekly jobless claims releaseed on Thursday ticked up barely from the prior week.

    In commodities, oil prices were up Thursday since the Israel-Iran crisis has raised concerns of supply disruptions inside the region. Brent (BZ=F) and West Texas Intermediate (CL=F) each up greater than 2% in early trading.

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