US Stocks End Mixed Ahead Of Key Labour Report

NEW YORK, Sept 6 (Bernama-Xinhua) — US stocks closed on a mixed note Thursday as investors shifted away from riskier assets, expressing growing concerns over the US economic outlook.

Market participants are eagerly awaiting Friday’s pivotal labour report, which is expected to provide insight into the state of the job market and influence future monetary policy decisions, reported Xinhua.

The Dow Jones Industrial Average fell 219.22 points, or 0.54 per cent, to 40,755.75. The S&P 500 sank 16.66 points, or 0.30 per cent, to 5,503.41. The Nasdaq Composite Index increased 43.37 points, or 0.25 per cent, to 17,127.66.

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Eight of the 11 primary S&P 500 sectors ended in red, with health and industrials leading the laggards by losing 1.39 per cent and 1.18 per cent, respectively. Meanwhile, consumer discretionary and communication services led the gainers by rising 1.41 per cent and 0.52 per cent, respectively.

US initial jobless claims dropped by 5,000 to 227,000 for the week ending Aug 31, according to a Labour Department report released Thursday. This had marked the lowest number of claims since the week of July 6, when 223,000 Americans filed for unemployment benefits. The figure also came in below the 230,000 claims that analysts had anticipated.

The four-week moving average of claims, which helps smooth out week-to-week fluctuations, decreased by 1,750 to 230,000, marking its lowest level since early June. Overall, weekly unemployment filings, seen as an indicator of layoffs, remained at relatively low levels.

In corporate news, Tesla surged 4.9 per cent following the announcement of plans to roll out its full self-driving software in Europe and China by early next year. Meanwhile, Frontier Communications plunged 9.5 per cent after Verizon revealed it would acquire the company in a US$20 billion deal, valuing Frontier below its previous closing price. Verizon shares dipped slightly, falling 0.41 per cent. 

--BERNAMA-XINHUA