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Wall Street marginally declines as investors wait for Friday's payrolls

05 Oct,2023
Wall Street marginally declines as investors wait for Friday's payrolls

In anticipation of Friday's monthly jobs data and more potential cues regarding the direction of interest rates, U.S. stocks ended marginally lower after recovering from session lows on Thursday.

The Dow Jones Industrial Average slumped 9.98 points, or 0.03%, to 33,119.57, the S&P 500 dipped5.56 points, or 0.13%, to 4,258.19 and the Nasdaq Composite fell by 16.18 points, or 0.12%, to 13,219.83.

A day after a report that showed U.S. private payrolls expanded less than anticipated in September, initial claims data for state unemployment benefits in the United States indicated that the labor market was still resilient.

The most significant economic news of the week may come from Friday's monthly payrolls report, but investors are still uncertain about the Federal Reserve's decision to maintain higher interest rates.

Treasury yields in the US slumped. They reached their greatest point since 2007 earlier this week.

Stocks recovered significantly from their session lows, and strategists noticed that the S&P 500 was maintaining above its 200-day moving average, which is now located at about 4,206.

Investors are eager for the third-quarter earnings reports to begin in the middle of the month following recent market weakness. According to LSEG IBES statistics, aggregate S&P 500 corporate earnings are anticipated to have increased 1.6% year over year during the quarter.

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