US stocks closed lower on Thursday, retreating from records as investors tread cautiously ahead of Friday's pivotal jobs report, which could influence the Federal Reserve's December rate decision.
The S&P 500 and Nasdaq slipped 0.2%, while the Dow Jones dropped 248 points. Weekly jobless claims rose to 224,000, slightly above expectations, indicating a cooling labor market. Tomorrow's nonfarm payrolls report is anticipated to show a gain of 200,000 jobs, with weaker data potentially bolstering expectations for a rate cut, currently at a 74% probability for a 25-basis-point reduction at December's meeting.
On the corporate front, crypto-related stocks like Coinbase and MicroStrategy pared earlier gains even after Bitcoin broke past $100,000 for the first time. Tesla climbed 3.2%, and American Airlines jumped 16.7% after naming Citigroup as its exclusive credit card partner. Eli Lilly and UnitedHealth fell 0.5% and 5.2%, respectively, as sector losses weighed on markets.
Source : Trading Economics
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