Wall Street closed lower on Thursday after weekly jobless claims fell to the lowest level in nearly 18 months, quelling fears of a slowing economic recovery, but raising concern that the Federal Reserve may reduce its accommodative policies sooner than expected.
The Labor Department said new jobless claims fell 35,000 to a seasonally adjusted 310,000 in the week to September 4, the lowest level since mid-March 2020. This suggests job growth may be hampered by a labor shortage more than tepid. demand for workers.
Microsoft and Amazon shares fell about 1% each, and are among the stocks that pressured the S&P500 and Nasdaq indices.
The real estate and healthcare indices on the S&P500 declined more than 1% each and were the worst performing sectors out of the 11, while the financials, energy and materials sectors posted modest gains.
Jp Morgan, Wells Fargo, Citigroup and Morgan Stanley rose, tracking a slight rise in benchmark bond yields after the subsidies data.
The Dow Jones Industrial Average fell 0.43% to 34879.38 points, while the S&P 500 fell 0.46% to 4,493.28 points.
The Nasdaq Composite Index fell 0.25% to 15,248.25 points.