U.S. stocks drifted lower on Thursday as financial markets locked in their final moves before a highly anticipated update coming Friday about the U.S. job market.

The S&P 500 fell 0.5% for its first drop in four days. After sprinting through May and rallying within a couple good days’ worth of gains of its all-time high, the index at the center of many 401(k) accounts has lost momentum.

The Dow Jones industrial average dropped 108 points, or 0.3%, and the Nasdaq composite sank 0.8%.

Trading activity in options markets suggests investors believe the next big move for the S&P 500 could come on Friday, when the U.S. Labor Department will say how many more jobs U.S. employers created than destroyed during May. The expectation on Wall Street is for a slowdown in hiring from April.

A report on Thursday said more U.S. workers applied for unemployment benefits last week than economists expected

The data came as Procter & Gamble, the giant behind such brands as Pampers diapers and Cascade dish detergent, said it will cut up to 7,000 jobs over the next two years. Its stock fell 1.9%.

The day’s heaviest weight on the market was Tesla, which tumbled 14.3%. It’s lost nearly 30% of its value so far this year.

Brown-Forman, the company behind Jack Daniel’s and Woodford Reserve, dropped 17.9% for its worst day since it began trading in 1972. Its profit and revenue for the latest quarter fell short of Wall Street’s expectations.

The CEO of PVH, which runs the Calvin Klein and Tommy Hilfiger brands, likewise cited challenges from “an increasingly uncertain consumer and macroeconomic backdrop.” Its stock fell 18%.

Among Wall Street’s winners was MongoDB, which jumped 12.8% after the database company likewise delivered a stronger profit than analysts expected.

Circle Internet Group, the U.S.-based issuer of one of the most popular cryptocurrencies, surged 168.5% in its first day of trading on the New York Stock Exchange.

Five Below climbed 5.6% after the retailer, which sells products priced between $1 and $5, reported a stronger profit for the latest quarter than analysts expected.

All told, the S&P 500 fell 31.51 points to 5,939.30. The Dow dropped 108.00 to 42,319.74, and the Nasdaq composite sank 162.04 to 19,298.45.

In the bond market, Treasury yields held steadier. The yield on the 10-year Treasury rose to 4.40% from 4.37% late Wednesday after tumbling from 4.46% the day before.

— Associated Press