U.S. equities end the day down as jobs report looms
U.S. stocks ended the day in the red as investors braced for an upcoming jobs report.
TroibNews 
U.S. stocks closed lower on Thursday in anticipation of September's payrolls report, with heightened tensions in the Middle East contributing to a negative mood among investors.
The Dow Jones Industrial Average decreased by 184.93 points, or 0.44 percent, reaching 42,011.59. The S&P 500 dropped 9.60 points, or 0.17 percent, to settle at 5,699.94. The Nasdaq Composite Index fell by 6.65 points, or 0.04 percent, ending at 17,918.48.
Eight of the 11 primary S&P 500 sectors closed in the red, with consumer discretionary and materials leading the decline, losing 1.28 percent and 1.15 percent, respectively. In contrast, energy and technology sectors emerged as the gainers, rising by 1.58 percent and 0.60 percent.
October has kicked off with volatility in the markets, as ongoing conflicts in the Middle East have dampened investor enthusiasm. Earlier this week, stocks experienced a significant drop following Iran’s missile attack on Israel, and investors are now preparing for further uncertainty as Israel initiated a ground offensive in Lebanon.
U.S. crude futures spiked by more than 5 percent, contributing to a week-to-date gain exceeding 8 percent due to rising geopolitical concerns pushing oil prices up. Additionally, weekly jobless claims slightly surpassed economists' forecasts, providing insights into the labor market's condition ahead of Friday's important payroll report.
Jeremiah Buckley, an equities portfolio manager at Janus Henderson, pointed out that although economic indicators such as the forthcoming jobs report are crucial for equities in the short term, the underlying market fundamentals remain solid enough to handle any potential weakness in the data.
"We can't focus too much on one month of job reports, but the trend is moving in the right direction from an inflation standpoint and a labor market balance standpoint," Buckley said Thursday. "We continue to believe the fundamental economic backdrop continues to be positive."
On the corporate front, Tesla's shares continued their downward trend, dropping over three percent after Reuters reported that the electric vehicle manufacturer had ceased U.S. online orders for its lowest-priced Model 3, following disappointing delivery figures.
Ramin Sohrabi for TROIB News
The Dow Jones Industrial Average decreased by 184.93 points, or 0.44 percent, reaching 42,011.59. The S&P 500 dropped 9.60 points, or 0.17 percent, to settle at 5,699.94. The Nasdaq Composite Index fell by 6.65 points, or 0.04 percent, ending at 17,918.48.
Eight of the 11 primary S&P 500 sectors closed in the red, with consumer discretionary and materials leading the decline, losing 1.28 percent and 1.15 percent, respectively. In contrast, energy and technology sectors emerged as the gainers, rising by 1.58 percent and 0.60 percent.
October has kicked off with volatility in the markets, as ongoing conflicts in the Middle East have dampened investor enthusiasm. Earlier this week, stocks experienced a significant drop following Iran’s missile attack on Israel, and investors are now preparing for further uncertainty as Israel initiated a ground offensive in Lebanon.
U.S. crude futures spiked by more than 5 percent, contributing to a week-to-date gain exceeding 8 percent due to rising geopolitical concerns pushing oil prices up. Additionally, weekly jobless claims slightly surpassed economists' forecasts, providing insights into the labor market's condition ahead of Friday's important payroll report.
Jeremiah Buckley, an equities portfolio manager at Janus Henderson, pointed out that although economic indicators such as the forthcoming jobs report are crucial for equities in the short term, the underlying market fundamentals remain solid enough to handle any potential weakness in the data.
"We can't focus too much on one month of job reports, but the trend is moving in the right direction from an inflation standpoint and a labor market balance standpoint," Buckley said Thursday. "We continue to believe the fundamental economic backdrop continues to be positive."
On the corporate front, Tesla's shares continued their downward trend, dropping over three percent after Reuters reported that the electric vehicle manufacturer had ceased U.S. online orders for its lowest-priced Model 3, following disappointing delivery figures.
Ramin Sohrabi for TROIB News
