Wall Street closed mixed as investors eye jobs data

  • Indices: Dow Jones shed 0.26%, Standard & Poor’s shed 0.08%, Nasdaq shed 0.41%.
  • Energy stocks fall as oil drops to pre-war level in Ukraine
  • Eyes on Friday’s Non-Farm Payrolls Report

(Reuters) – Wall Street’s main indexes closed mixed in a dull session on Thursday as gains in high-growth stocks offset losses in energy stocks, as investors looked to the monthly jobs report for evidence of the pace of interest rate hikes by the market. Federal Reserve.

The tech-heavy Nasdaq hit a three-month high led by Amazon.com Inc (AMZN.O) and Advanced Micro Devices (AMD.O)While shares of energy companies incurred losses, including ExxonMobil and Chevron Corp (CVX.N) Heavier on the S&P 500.

Concerns about a slowing global economy pushed oil prices to their lowest levels since before the Russian invasion of Ukraine in February and US bond yields plummeted after the Bank of England warned of a prolonged recession. Read more

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Strong earnings reports and a sudden recovery in service sector activity sent major indices up sharply in the previous session.

“The market is looking for direction after a strong bounce that eased the deep pessimism that has permeated the markets,” said Young Yu Ma, senior investment analyst at BMO Wealth Management.

“Many indications are that inflation has peaked and the question now turns to how quickly it will fall or whether more stable components will keep it above what the Fed is comfortable with.”

Dow Jones Industrial Average (.DJI) The Standard & Poor’s 500 Index fell 85.68 points, or 0.26%, to 3,2726.82 points (.SPX) It lost 3.23 points, or 0.08%, to 4,151.94 points, and the Nasdaq Composite (nineteenth) It added 52.42 points, or 0.41%, to 12,720.58 points.

Friday’s focus will be on the closely watched US employment report, which is expected to show non-farm payrolls increased by 250,000 jobs last month, after rising by 372,000 jobs in June.

Any signs of strength in the labor market could fuel fears that the Federal Reserve will take aggressive steps to curb inflation.

Loretta Meester, Cleveland Fed President and a voting member of the rate-setting committee, reiterated the need to see several months of inflation falling toward the Fed’s 2% target before policymakers abandon monetary tightening. Read more

The S&P 500 gained about 14% from its lows in mid-June, but is still down about 13% for the year due to concerns about the fallout from the Ukraine war, rising inflation, the coronavirus outbreak in China, and a strong rally. in interest rates.

Among the individual stocks, cryptocurrency exchange Coinbase Global Inc (COIN.O) She jumped by 10% after announcing her association with BlackRock (BLK.N) To provide its institutional clients with access to cryptocurrency trading and custody services. Read more

Health insurance company Cigna Corp (CI.N) It gained 3.1% after raising its annual earnings forecast. Read more

Pharmaceutical company Eli Lilly and Co (LLY.N) It fell 2.6% as it cut its annual earnings offer for the second time. Read more

Introductory platforms for Facebook parents (META.O) It closed up 1.0% after it said it would make its first-ever bond offering. Read more

Advance issues outnumbered losers by 1.02 to 1 on the New York Stock Exchange and 1.40 to 1 on the Nasdaq.

The S&P recorded a new 52-week high and 29 new lows, while the Nasdaq recorded 59 new highs and 31 new lows.

Volume on US exchanges was 11.38 billion shares, compared to an average of 10.76 billion for the full session over the last 20 trading days.

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Additional reporting by Sruthi Shankar, Medha Singh, Aniruda Ghosh and Devik Jain in Bengaluru; Editing by Alden Bentley and Aaron Coeur

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