Wall Street drifted slightly lower as pressure from the bond market remains high due to worries about a too-hot U.S. job market.
The S&P 500 slipped 0.1% Thursday. The Dow edged down 9 points and the Nasdaq composite fell 0.1%. Stocks have struggled since the summer as Treasury yields have soared.
Yields wavered up and down Thursday after a report showed fewer workers applied for unemployment benefits last week than economists expected, which could be a signal of upward pressure on inflation. A more impactful and comprehensive report on the job market is coming on Friday.
On Thursday:
The S&P 500 fell 5.56 points, or 0.1%, to 4,258.19.
The Dow Jones Industrial Average fell 9.98 points, or less than 0.1%, to 33,119.57.
The Nasdaq composite fell 16.18 points, or 0.1%, to 13,219.83
The Russell 2000 index of smaller companies rose 2.50 points, or 0.1% to 1,731.51.
For the week:
The S&P 500 is down 29.86 points, or 0.7%.
The Dow is down 387.93 points, or 1.2%.
The Nasdaq is up 0.51 points, or less than 0.1%
The Russell 2000 is down 53.59 points, or 3%.
For the year:
The S&P 500 is up 418.69 points, or 10.9%.
The Dow is down 27.68 points, or 0.1%.
The Nasdaq is up 2,753.35 points, or 26.3%
The Russell 2000 is down 29.74 points, or 1.7%.
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