The S&P 500 fell about 0.2% and the Dow Jones Industrial Average fell 100 points. The Nasdaq Composite fell 0.2%. The moves come after the S&P 500 and Dow cut a four-day streak on Wednesday. The Nasdaq has lost momentum after closing at its highest level since mid-January on Tuesday. Oil prices fell sharply early Thursday after rising for the first time in three trading sessions on the previous trading day as hopes of escalating the war in Eastern Europe weakened. WTI crude futures fell 4.7% to about $ 103 a barrel. Russian forces have continued to attack Kyiv and northern Ukraine despite reports that Moscow has pledged to ease military action in the region during peace talks in Istanbul earlier this week. As of Wednesday, the number of people in Ukraine who fled their homes to escape the invasion and seek safety reached 4 million, according to the United Nations. Stocks had a tumultuous start to the year as a series of headwinds – geopolitical turmoil, rising inflation, supply chain imbalances and central bank monetary tightening – devastated financial markets. However, the S&P 500 was up 11% from its lowest level in early March since closing on Tuesday, and just 4% is reluctant to hit a new all-time high after a recent comeback. Based on data from more than seven decades, the momentum is likely to continue even in the face of daily turmoil. “The good news is that stocks seem to really love April,” said LPL Financial chief market strategist Ryan Detrick, noting that the month has turned green every year since 2006 except 2012. “Not only is it the best month on average since 1950, but was also 15 higher than in the last 16 years. “ The story goes on Despite the reassuring outlook for next month, another milestone has worried market participants. Investors are nervously watching a flattering yield curve of the US government, with long-term bond yields falling sharper than those in the short term as traders bet higher interest rates on the Federal Reserve in the short term and weigh -term. The spread, or difference, between 2-year and 10-year bond yields fell to its lowest level since 2019 earlier this week and reversed briefly on Tuesday. The phenomenon has a history of recession forecasting, with each of the last eight recessions dating back to 1969 and before the reversal of the yield curve. “We want to make sure we do not focus too much on the issues of the yield curve, where some people think this is a sign of recession,” JoAnne Feeney, an Advisors Capital Management associate and portfolio manager, told Yahoo Finance Live. “We think it’s very dangerous at this point to use historical reversals of the yield curve to try to predict what will happen now.” Feeney points to near-high jobs (Ministry of Labor summary [JOLTS] reached 11.283 million in January) and said that the US economy is still emerging from COVID and COVID behavior. More information on jobs is in progress this week. Labor Department weekly jobless claims expected to be released on Thursday are expected to put the initial jobless claims close to a 50-year low, with economists predicting it will be 196,000, according to Bloomberg. Unemployment claims will serve as a prelude to the even more consistent monthly unemployment report for March on Friday, which is expected to show another strong reading of the 490,000 payroll added, according to Bloomberg economists. In a busy week for labor market reports, the ADP also said Wednesday that private-sector wages rose by 455,000 last month as the economy faced persistent labor shortages and widening job vacancies. –
9:30 a.m. ET: The shares are fighting for a direction after the 4-day rally ceiling
See how the main benchmarks of Wall Street opened the meeting on Thursday:
S&P 500 (^ GSPC): -6.82 (-0.15%) at 4,595.63 Dow (^ DJI): -98.72 (-0.28%) at 35,130.09 Nasdaq (^ IXIC): +0.03 (+ 0.00%) at 14,442.31 crude (CL = F): -4.61 $ (-4.28%) at $ 103.21 a barrel Gold (GC = F): + $ 3.70 (+ 0.19%) at $ 1,942.70 per ounce 10-year Treasury (^ TNX): -3.5 bps for a yield of 2.3230%
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8:30 a.m. ET: New unemployment claims rise modestly to 202,000 after the 50-year low
Unemployment insurance claims have risen slightly in recent weekly data, reaching a low of more than 50 as employers continued to show a reluctance to reduce their workforce in the current competitive labor market. The latest Labor Department report found that 202,000 applications were submitted in the week ending March 26, more than the 196,000 economists surveyed by Bloomberg. Weekly unemployment claims rose for the first time in three weeks, but rose only marginally from decades-old lows just last week. At 188,000, last week’s report on new unemployment claims marked the lowest level since September 1969. The job market has remained a strong point in the US economy, with jobs still up but falling from record levels as more workers return to the workforce from the margins. –
8:26 a.m. ET: Walgreens tops Omicron-led rush for vaccine and testing rush
Walgreens Boots Alliance Inc. (WBA) revealed better-than-expected quarterly earnings and sales for its second-quarter financial gains thanks to high demand for vaccines and trials for COVID-19 during the rise in Omicron-led COVID-19 cases earlier this year. The pharmacy chain provided 11.8 million vaccinations and 6.6 million tests during the period ended February 28. Walgreens expects to have 30 million vaccinations at its facility this year. The company’s US pharmacy, however, fell 3.3% in the quarter, hurt by poor performance in its AllianceRx Walgreens mail order business. Total sales rose 3% to $ 33.77 billion, surpassing estimates of $ 33.40 billion. Excluding data, the company earned $ 1.59 per share, compared to Bloomberg’s consensus estimates of $ 1.37 per share. Shares fell 2% to $ 46.50 a share before trading at 8:26 a.m. ET. –
7:11 a.m. ET: Contracts for the S&P 500, Dow and Nasdaq have changed little
Here are the main moves in the markets ahead of Thursday’s open:
S&P 500 Futures (ES = F): +3.25 points (+ 0.07%) at 4,599.25 Dow futures (YM = F): -12.00 points (-0.03%) at 35,105.00 Nasdaq Futures (NQ = F): +47.00 points (+ 0.13%) at 15,118.50 crude (CL = F): -6.95 $ (-06.46%) at $ 100.85 per barrel Gold (GC = F): -4.80 $ (-0.25%) to $ 1,934.20 per ounce 10 years Public (^ TNX): 0.00 bps for a yield of 2.3580%
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6:16 p.m. ET Wednesday: PICs open steadily before the last trading day of March
Here are the futures contracts of the most important stock indices for Wednesday’s overnight meeting:
S&P 500 Futures (ES = F): +4.50 points (+ 0.10%) at 4,600.50 Dow futures (YM = F): +11.00 points (+ 0.03%) at 35,128.00 Nasdaq Futures (NQ = F): +31.25 points (+ 0.21%) at 15,102.75 crude (CL = F): -0.32 $ (-0.30%) to $ 107.50 per barrel Gold (GC = F): $ 0.00 (0.00%) to $ 1,933.50 per ounce 10-year Treasury (^ TNX): -4.2 bps for a yield of 2.3580%
NEW YORK, NY – MARCH 30: Traders work on the floor of the New York Stock Exchange on March 30, 2022 in New York City. US stocks opened lower after the rally for the start of the week. (Photo by Michael M. Santiago / Getty Images) – Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc Read the latest financial and business news from Yahoo Finance Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard and LinkedIn
