Wall Street’s weak start to 2024 carried into a third day, and stocks finished mixed on Thursday following reports showing the U.S. job market remains solid, though maybe a touch too strong.
The S&P 500 slipped 16.13, or 0.3%, to 4,688.68 and is on track for its first losing week in the last 10. The Dow Jones industrial average eked out a gain of 10.15 points, or less than 0.1%, to 37,440.34, and the Nasdaq composite fell 81.91, or 0.6%, to 14,510.30.
Walgreens Boots Alliance sank 5.1% after it nearly halved its dividend so it could hold onto more cash. That helped overshadow gains for airlines and cruise-ship operators, which recovered some of their sharp losses from earlier in the week. Carnival steamed 3.1% higher, and United Airlines got a 2.4% lift.
Treasury yields rose Thursday following reports showing the job market may be stronger than expected.
One report from the U.S. government on Thursday showed fewer U.S. workers filed for unemployment benefits last week than expected. Another from ADP Research Institute said private employers accelerated their hiring last month by more than economists expected.
A more comprehensive report on the jobs market from the U.S. Labor Department will arrive on Friday.
A third report from S&P Global said that growth for financial businesses and others in U.S. services industries was a touch stronger last month than expected.
Following Thursday’s data reports, the yield on the 10-year Treasury rose to 3.99% from 3.91% late Wednesday. The yield on the two-year Treasury, which more closely tracks expectations for the Fed, climbed to 4.39% from 4.33%.
Benchmark U.S. crude oil for February delivery fell 51 cents to $72.19 per barrel Thursday. Brent crude for March delivery fell 66 cents to $77.59 per barrel.
Gold for February delivery rose $7.20 to $2,050.00 per ounce. Silver for March delivery rose 3 cents to $23.19 per ounce, and March copper fell 2 cents to $3.84 per pound.
Wheat for March rose 13.5 cents at $6.135 a bushel; March corn was up 1.25 cents at $4.665 a bushel, March oats was off 2.75 cents at $3.65 a bushel; while January soybeans fell 7.5 cents at $12.62 a bushel.
— Associated Press