Latest News by Industry
• The Nasdaq Composite declined 0.8%, to reach 15,664, leading the percentage declines among the major indices
• Investors turned their attention towards the upcoming inflation data on Thursday
After three straight days of gains, Nasdaq and S&P 500 slipped during Thursday’s trading session as investors turned their attention towards the upcoming inflation data and its impact on the Federal Reserve meeting next week.
The Nasdaq Composite declined 0.8%, or 123 points, to reach 15,664, leading to the percentage declines among the major indices. The S&P 500 fell by 12 points, or 0.3%, to reach 4,689.43. The Dow was up to during midday trade by 40 points, or 0.1%, reaching 35,793, after touching an intraday low at 35,577.14.
Wall Street's main indexes were supported this week by an update showing Pfizer and BioNTech's vaccine offered some protection against the Omicron variant which tranquilized the fears over the impact of the variant.
Fears of the Omicron variant sent investors to their exits last week which was termed as an overreaction by analysts.
Data published by the Labor Department showed that new claims for unemployment in the United States have dropped to 184,000, the lowest level since September 1969, signaling that the job market is trying to recover from the coronavirus pandemic.
The yield on the 10-year Treasury note in the bond markets fell to around 1.49%, from 1.508% Wednesday.
Apple's shares were about $7 shy of the $182.85 price needed to reach a $3 trillion market valuation.
Travel-related stocks, which led the market rally Monday and Tuesday, slid downwards on Thursday. Shares of Carnival and Norwegian Cruise Line dipped about 1.6% while United Airlines was 1.7% lower. The shares of American Airlines fell 0.4% after the company said it’s reducing its schedule as it’s still awaiting Boeing Dreamliner deliveries.
Inputs from Reuters