Stocks drop despite improved jobs data

Stocks drop despite improved jobs data

US stocks remained under pressure on Thursday after fresh data indicated further recovery in the labor market.

The S&P 500 is down 0.3% after the opening bell while the Nasdaq Composite is down 0.2% daily after the heavy tech benchmark fell nearly 1.7% the previous day. The Dow Jones Industrial Average also fell, dropping nearly 200 points to 32201.

Investor optimism has been muted in recent days due to mixed signals from different parts of the economy. Government spending on Covid-19 relief and vaccine launches is helping to spur economic growth. This has resulted in an increase in consumer demand for the products.

But there are signs the global recovery may be slowing due to extended Covid-19 and lockdowns Growing restrictions in the supply chain For important products such as vaccines and microchips. The new stimulus has also raised concerns that inflation will rise sharply as the economy recovers, which has curbed the appetite for both government bonds and technology stocks.

“From here, you can have flat markets overall. We’ll be looking for a new narrative,” said Daniel Morris, chief market strategist at BNP Paribas Asset Management. “Growth can recover, value can wait, and then nothing will happen to the surface. I have modest market expectations until we recognize the next trigger.”

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