Market Snapshot: U.S. stocks end lower, resume a multiday slide ahead of Friday jobs report

by | Oct 5, 2023 | Stock Market

U.S. stocks finished lower while Treasury yields eased as investors awaited Friday’s monthly jobs report from the Labor Department. What happened
The Dow Jones Industrial Average
shed 9.98 points, or less than 0.1%, to end at 33,119.57, marking a fall in 10 of the past 13 trading sessions, according to Dow Jones Market Data.

The S&P 500
fell 5.56, or 0.1%, closing at 4,258.19.

The Nasdaq Composite
slipped 16.18 points, or 0.1%, finishing at 13,219.83.

On Wednesday, the Dow Jones Industrial Average rose 0.4%, to 33,130, snapping a three-day losing streak, while the S&P 500 gained 0.8%, to 4,264 for its biggest percentage-point gain in three weeks, FactSet data show.

What drove markets Investors were staying cautious ahead of Friday’s jobs report for September, even with a slight pullback in long-term Treasury yields that have been battering stocks. “The jobs report is kind of critical this time,” said Randy Frederick, managing director of trading and derivates at Schwab Center for Financial Research, by phone Thursday afternoon. He sees a chance that a stronger-than-expected labor report could spark a deeper selloff in stocks and feed fears of more rate hikes to come from the Federal Reserve as it seeks to keep inflation coming down. See: U.S. jobs report forecast: 170,000 new workers and 3.7% unemployment “I don’t think the equity markets like good news right now,” Frederick said. “Especially not with high rates, a high dollar and high oil prices beating up the markets.” Treasury yields slipped for a second day Thursday morning, as investors digested a batch of fresh economic data. …

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