Wall Street stocks were in the red early on Thursday after having surged in the previous session as Federal Reserve chair Jerome Powell suggested a slowdown in the pace of rate hikes was on the horizon.
As of 1515 GMT, the Dow Jones Industrial Average was down 0.78% at 34,319.23, while the S&P 500 lost 0.26% to 4,069.68 and the Nasdaq Composite came out the gate 0.19% weaker at 11,445.90.
The Dow opened 270.54 points lower on Thursday, taking a bite out of gains recorded in the previous session.
A series of data points were in focus at the open on Thursday, with market participants digesting news that Americans wage and salary growth had accelerated in October, supporting faster consumption. According to the Department of Commerce, personal incomes grew at a month-on-month pace of 0.7% in October. In parallel, personal consumption expenditures were up by 0.8% month-on-month.
Elsewhere, unemployment claims in the US slipped over the latest week. According to the Department of Labor, in seasonally adjusted terms, initial jobless claims fell by 16,000 to 225,000 over the week ending on 26 November. Economists at Barclays Research had forecast an increase to 245,000.
On another note, S&P Global’s manufacturing PMI was revised slightly higher for November, coming in at 47.7, up from a preliminary reading of 47.6, but still pointed to the first contraction in factory activity since June 2020.
Still on data, the Institute for Supply Management’s manufacturing purchasing manufacturers index fell into correction territory, declining to 49 in November, down from 50.2 in October and pointing to the first contraction in factory activity since May 2020.
Finally, construction spending in the US decreased 0.30% month-on-month in October, according to the Census Bureau.
In the corporate space, Dollar General shares dropped 8% in early trade after the retail cut its full-year forecast, citing higher costs.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones – Risers
3M Co. (MMM) $128.58 2.07%
Nike Inc. (NKE) $111.47 1.62%
Cisco Systems Inc. (CSCO) $50.39 1.35%
Home Depot Inc. (HD) $327.49 1.08%
Coca-Cola Co. (KO) $64.03 0.66%
Visa Inc. (V) $218.28 0.59%
Procter & Gamble Co. (PG) $149.96 0.54%
Dow Chemical Co. (DOW) $51.24 0.53%
Johnson & Johnson (JNJ) $178.89 0.50%
International Business Machines Corporation (CDI) (IBM) $149.64 0.50%
Dow Jones – Fallers
Salesforce.Com Inc. (CRM) $144.39 -9.90%
JP Morgan Chase & Co. (JPM) $137.30 -0.64%
Amgen Inc. (AMGN) $284.66 -0.61%
Walmart Inc. (WMT) $151.60 -0.54%
Goldman Sachs Group Inc. (GS) $384.23 -0.50%
Boeing Co. (BA) $178.18 -0.39%
Unitedhealth Group Inc. (UNH) $546.00 -0.32%
Caterpillar Inc. (CAT) $235.88 -0.22%
Walt Disney Co. (DIS) $97.71 -0.16%
Travelers Company Inc. (TRV) $189.58 -0.12%
S&P 500 – Risers
PVH Corp. (PVH) $76.15 13.35%
Synopsys Inc. (SNPS) $358.20 5.50%
Newmont Corporation (NEM) $49.57 4.42%
Hanesbrands Inc. (HBI) $6.99 4.02%
Netflix Inc. (NFLX) $317.28 3.85%
VF Corp. (VFC) $34.02 3.66%
CenturyLink Inc. (LUMN) $5.66 3.47%
Norwegian Cruise Line Holdings Ltd (NCLH) $16.98 3.28%
S&P Global Inc Com (SPGI) $364.33 3.27%
Eversource Energy (ES) $85.50 3.19%
S&P 500 – Fallers
Salesforce.Com Inc. (CRM) $144.39 -9.90%
Dollar General Corp (DG) $232.98 -8.88%
Costco Wholesale Corp. (COST) $501.22 -7.05%
Capital One Financial Corp. (COF) $100.16 -2.98%
Micron Technology Inc. (MU) $56.13 -2.65%
Synchrony Financial (SYF) $36.61 -2.58%
Archer-Daniels-Midland Co. (ADM) $95.30 -2.26%
Bank of America Corp. (BAC) $37.05 -2.11%
Nordstrom Inc. (JWN) $20.54 -2.05%
Dollar Tree Inc (DLTR) $147.55 -1.82%
Nasdaq 100 – Risers
Synopsys Inc. (SNPS) $358.20 5.50%
Netflix Inc. (NFLX) $317.28 3.85%
DENTSPLY Sirona Inc. (XRAY) $31.13 2.88%
Autodesk Inc. (ADSK) $207.76 2.87%
Illumina Inc. (ILMN) $224.03 2.73%
Cadence Design Systems Inc. (CDNS) $176.72 2.72%
Gen Digital Inc. (GEN) $23.58 2.68%
Mercadolibre Inc. (MELI) $953.96 2.47%
Expedia Group Inc. (EXPE) $109.43 2.42%
Idexx Laboratories Inc. (IDXX) $435.80 2.33%
Nasdaq 100 – Fallers
Costco Wholesale Corp. (COST) $501.22 -7.05%
NetEase Inc. Ads (NTES) $68.87 -3.16%
Micron Technology Inc. (MU) $56.13 -2.65%
Trip.com Group Limited (TCOM) $31.11 -2.63%
Dollar Tree Inc (DLTR) $147.55 -1.82%
JD.com, Inc. (JD) $56.26 -1.61%
KLA-Tencor Corp. (KLAC) $389.36 -0.97%
Applied Materials Inc. (AMAT) $108.56 -0.95%
Qurate Retail Inc. (QRTEA) $2.33 -0.85%
Biogen Inc (BIIB) $302.70 -0.81%
