The market tried to climb Thursday after Meta earnings uplifted tech spirits, but following Thursday morning earnings U.S. equities sank. Just past 4 pm ET the $S&P 500 Index (.SPX.US)$ fell 1.37%, the $Dow Jones Industrial Average (.DJI.US)$ fell 1.21%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 2.30%.
The $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ fell below 4% for the first time since February Thursday.
Thursday, according to the Labor Department, Initial applications for US unemployment benefits jumped to 249,000 last week, the highest level in a year. Continuing claims, a number that is analogous to unemployment, rose to 1.88 million, the highest since 2021.
S&P Global PMI came in at 49.6 vs 49.5 expected, and ISM PMI came in at 46.8, lower than 48.8 expected.
ADP nonfarm employment came out Wednesday, a precursor to overall nonfarm employment based on ADP employment tracking numbers. The firm said there were 122k added jobs.
Investors can watch two more Mag 7 earnings reports: $Apple (AAPL.US)$ and $Amazon (AMZN.US)$ on Thursday, alongside a host of other $100B+ market cap giants. The final macro data of the week arrives in the form of Nonfarm monthly payroll employment data on Friday .
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Traders, what are you watching on the stock market today? What is the herd following? Let me know in the comments below!
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