Retreating Treasury yields couldn't boost the stock market Thursday, though a late-afternoon burst of buying power brought all three main indexes off their session lows.
Anxiety is running high ahead of tomorrow morning's release of the September jobs report – the last major update on the labor market ahead of the next Fed meeting – which was evident in today's price action.
Yields on government bonds continued to ease today. The yield on the 2-year Treasury fell 2.7 basis points to 5.023%, and the yield on the 10-year note dropped 2.1 basis points to 4.716%. (A basis point = 0.01%.)
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
However, unlike Wednesday's session where falling yields translated into notable upside for the main benchmarks, all three finished today with modest losses. At the close, the Dow Jones Industrial Average was down 0.03% at 33,119, the S&P 500 was 0.1% lower at 4,258, and the Nasdaq Composite had slipped 0.1% to 13,219.
Jobless claims rise less than expected
Ahead of Friday morning's monthly payrolls report, today's data from the Labor Department showed initial jobless claims ticked up by 2,000 last week to 207,000, below the 210,000 economists were anticipating.
Expectations are for tomorrow's report to show that the U.S. added 170,000 new jobs last month – less than the 187,000 seen in August – and that the unemployment rate fell to 3.7% from 3.8%.
"Yesterday's ADP report suggested the jobs market could be cooling," says Mark Etzkorn, senior manager of corporate communications at E*TRADE from Morgan Stanley. "Today's low weekly jobless claims total points in the opposite direction. Tomorrow's monthly jobs report may break the tie, but as has been the case for months, clear-cut evidence of a labor market slowdown has been hard to come by."
Exxon Mobil drops on Q3 outlook, sinking oil prices
In single-stock news, the electric vehicle (EV) space was volatile Thursday. Rivian Automotive (RIVN), for one, plunged 22.9% after the company said it will offer $1.5 billion in convertible notes as it looks to raise cash.
Fellow EV stock Lucid Group (LCID) was also a notable decliner today, falling 7.2% after the company unveiled a less-expensive version of its Air Pure sedan. The price for the vehicle starts at $77,400, which is about $5,000 less than the previous model.
Meanwhile, blue chip stock Exxon Mobil (XOM) shed 2.3% as U.S crude futures slumped 2.3% to $82.31 per barrel. The oil major also revealed late Wednesday via a regulatory filing that while rising crude prices will help boost third-quarter earnings, thinner margins from its chemicals segment will weigh on its bottom line results by as much as $600 million.
Related content
-
Two Don'ts and Four Dos During Trump's Trade WarThe financial rules have changed now that tariffs have disrupted the markets and created economic uncertainty. What can you do? (And what shouldn't you do?)
-
I'm Single, With No Kids: Why Do I Need an Estate Plan?Unless you have a plan in place, guess who might be making all the decisions about your prized possessions, or even your health care: a court.
-
Stock Market Today: Dow Drops Another 2,231 Points to Hit a CorrectionThe Nasdaq Composite, meanwhile, entered a new bear market with its latest slide.
-
Stock Market Today: Dow Dives 1,679 Points on Trump Tariff ShockU.S. stocks lost roughly $3.1 trillion in market cap on Thursday – the biggest one-day decline since the start of the COVID-19 pandemic in March 2020.
-
Stock Market Today: It's the Old Up-Down Again on Liberation DayMarkets look forward to what comes with the reordering of 80-year-old global trade relationships.
-
Fed Leaves Rates Unchanged: What the Experts Are SayingFederal Reserve As widely expected, the Federal Open Market Committee took a 'wait-and-see' approach toward borrowing costs.
-
Stock Market Today: Dow Leads as UnitedHealth Stock PopsUnitedHealth was the best Dow Jones stock Monday on reports that Medicare Advantage payments could rise in 2026.
-
Stock Market Today: Stocks End Mixed After FOMC MinutesThe minutes from the December Fed meeting signaled central bankers' uncertainty over potential Trump administration policies.
-
Exxon Mobil's Earnings Warning Shouldn't Worry InvestorsExxon Mobil said lower oil prices and refining margins will weigh on earnings, but Wall Street isn't overly concerned. Here's what you need to know.
-
Stock Market Today: Dow Adds 340 Points to End SkidThe S&P 500 closed the official Santa Claus rally period down 0.5%.
