Stocks are lower as unemployment claims rise

Stocks are lower as unemployment claims rise

Stocks fell on Thursday, indicating that technology stocks will lead the decline in major indices as investors await profits and evaluate new data in the US labor market.

The S&P 500 is down 0.8%, while the Dow Jones Industrial Average is down 0.7%. Nasdaq, the heavy-tech composite, continued its operation Stumbled from Wednesday, Down 1.1%.

Unemployed claims– A proxy for layoffs – remained above the pre-coronavirus pandemic peak of 695,000. New applications for unemployment benefits rose to 861,000 last week, halting the downward trend that was signaling an improvement in the labor market. Economists were expecting claims to decline.

Stocks have taken a break in recent sessions after gaining strength for much of 2021. Some investors were surprised. Rapid rise in government bond yields, Which seemed to hit technology stocks that had benefited from years of low interest rates. Money managers are also concerned about high valuations.

However, many investors remain optimistic about the stock outlook. They indicate a possible arrival More financial incentives As a factor that will drive economic growth and increase profits in 2021, along with the reopening of sectors hard hit by the epidemic.

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