- US traded mixed on Thursday as investors mulled the Labor Department’s latest jobless-claims report and fresh US-China tensions.
- 2.1 million Americans filed for unemployment during the week ended on Saturday, according to a Thursday release. The reading matched economist estimates and pushed the metric’s 10-week total to 40.7 million.
- China’s approval of controversial national security laws in Hong Kong bolstered concerns of a new conflict between the country and the US.
- Tech stocks slumped as traders awaited an executive order from President Trump disciplining social media companies and their content moderation practices. The president recently lashed out at Twitter for fact-checking one of his tweets.
US stocks traded mixed on Thursday amid another dire labor-market report and swelling US-China tensions.
Jobless claims for the week ended Saturday reached 2.1 million, the Labor Department announced Thursday. The reading matched economists’ median estimate and brought the metric’s 10-week total to 40.7 million. The number of new filings has now dropped for eight consecutive weeks.
Continuing claims, which cover the share of Americans receiving unemployment benefits — reached 21 million for the week ended May 16. While down from the prior week’s record of 25 million, it suggests a slow labor-market recovery, despite signs of economic reopening
Here’s where US indexes stood shortly after the 9:30 a.m. ET market open on Thursday:
- S&P 500: 3,043.60, up 0.3%
- Dow Jones industrial average: 25,653.47, up 0.4% (105 points)
- Nasdaq composite: 9,401.34, down 0.1%
Traders also mulled China’s approval of controversial new national security laws in Hong Kong. The move follows President Trump threatening retaliation and the US attempting to hold a United Nations Security Council meeting on the laws.
The White House also announced Wednesday it would no longer recognize Hong Kong’s political autonomy from China, ratcheting up tensions across the three economic powers.
Tech stocks slumped, dragging the Nasdaq lower, as investors waited for President Donald Trump to sign an executive order disciplining social media companies for their content moderation methods. The president recently fired back at Twitter after the company began fact-checking his tweets. Twitter stock slid 4%.
Oil was little changed after its Wednesday slide. West Texas Intermediate crude dropped as much as 5%, to $31.14 per barrel, before paring most losses. Brent crude, oil’s international standard, gained 0.9%, to $35.05 per barrel, at intraday highs.
Thursday’s mixed session follows major gains through the shortened trading week. The Dow climbed 553 points on Wednesday as investors grew more optimistic toward the chance of a swift economic recovery.
The S&P 500 closed above 3,000 for the first time since early March. Stocks that had been slammed hardest by previous months’ sell-offs, including airline companies, cruise lines, and banks, all surged through the session.
