(MENAFN- Baystreet.ca) Dow Skids on Eve of Jobs Report
The Dow Jones Industrials ticked down Thursday as traders awaited Friday's July jobs report, which will give the latest snapshot on the labor market and the health of the economy.
The 30-stock index took a step backward from Wednesday's monster gains, losing 85.68 points to end the penultimate session at 32,726.82
The S&P 500 dipped 3.23 points to 4,151.94.
The NASDAQ Composite gathered 52.42 points to 12,720.58.
A slight uptick in weekly jobless claims, reported Thursday morning, weighed on investors watching for signs that labor market strength is dwindling. The July jobs report, scheduled to be released Friday, will show how employers hired last month.
Economists estimate that the economy added about 250,000 jobs in July, down from 372,000 in June. The jobless rate is forecast to remain 3.6%
Oil prices fell on global recession worries and dragged the energy sector down. The sector was the biggest laggard in the S&P 500, shedding 3.6% on the day in its worst performance in a month. Exxon Mobil and Chevron where the biggest losers in the sector.
Earnings season continued, with a slew of reports Thursday. Eli Lilly shares fell after the company missed Wall Street's estimates for its quarterly results and cut its full-year forecast. Shares of Datadog and Lucid also fell after both companies cut future outlooks.
Investors will get another batch of earnings on Thursday. Virgin Galactic, AMC Entertainment and Beyond Meat are scheduled to report after the bell.
Treasury prices gained ground Thursday, lowering yields to 2.67%, from Wednesday's 2.71%. Treasury prices and yields move in opposite directions.
Oil prices doffed $2.29 to $88.37 U.S. a barrel.
Gold prices powered ahead $33.70 to $1,810.10 U.S. an ounce.
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