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Traders work on the floor of the New York Stock Exchange during morning trading on October 04, 2023 in New York City.
Michael M. Santiago | Getty Images
U.S. stock futures traded lower Thursday, as investors looked ahead to key jobs data on Friday.
Futures tied to the Dow Jones Industrial Average declined 38 points, or 0.4%. S&P 500 and Nasdaq-100 futures fell 0.4%.
Shares of Clorox slid 3.3% in the premarket, following guidance from the company for its fiscal first quarter that was much lower than consensus. Energy companies continued their downturn as crude prices continued to fall. Chevron and ExxonMobil both pulled back 1%.
Initial jobless claims came in at 207,000 for the week ending Sept. 30, ticking up just 2,000 from the prior week’s numbers. Economists had forecasted 210,000, according to a Dow Jones consensus estimate. Weekly jobless claims’ slight increase was about in-line with the Street and disappointed some investors hoping the weekly data would start to signal a labor market breakdown and end the run in rates that’s hurting stocks.
The 10-year Treasury yield ticked higher after the jobless claims report.
Stocks were coming off a positive session. The S&P 500 added 0.8% on Wednesday, while the Dow rose 0.4% and snapped a three-day losing streak. The tech-heavy Nasdaq Composite was the outperformer of the three major averages, jumping 1.35%.
“I’ve been cautious all year. Obviously, we’re getting a little reprieve today, but I think it’s just that: It’s a brief reprieve,” said Liz Young, SoFi’s head of investment strategy, on CNBC’s “Closing Bell.”
Stocks were aided by a retreat in Treasury yields. The rate on the 10-year Treasury note slipped from highs last seen in 2007 after payroll processing firm ADP said that private job growth totaled 89,000 for September. That number came in well below the 160,000 estimate from Dow Jones, and it seemed to assure investors that the labor market is loosening.
–CNBC’s Yun Li contributed reporting.
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