Big Tech Drags Wall Street Lower
In this context, weekly U.S. jobless claims released this morning signaled continued labor market strength, with 206,000 filings last week.
Quick overview
- Investors are analyzing the latest Federal Reserve meeting minutes alongside new U.S. labor market data.
- Wall Street's major indexes are trading lower, with the Nasdaq Composite declining as tech stocks face selling pressure.
- The Dow Jones is down 0.42%, the S&P 500 falls 0.24%, and the Nasdaq decreases by 0.13% amid expectations of higher interest rates.
- Walmart shares are slightly lower despite reporting strong quarterly earnings, reflecting a mixed market response.
Investors continue to digest the latest minutes from the Federal Reserve meeting, while assessing new U.S. labor market data.
Wall Street’s three major indexes are trading lower on Thursday morning. Big tech stocks are capping recent rebounds amid expectations of higher interest rates, while Walmart shares react to strong quarterly earnings.
The Dow Jones Industrial Average, which tracks 30 blue-chip companies, is down 0.42% at 49,455.34 points. The S&P 500, representing the most valuable U.S. companies, falls 0.24% to 6,865.09, while the tech-heavy Nasdaq Composite declines 0.13% to 22,723.18.
Large technology stocks, which had begun to recover in recent sessions after several difficult weeks, are sliding again after the Fed minutes pointed to the possibility of further rate hikes due to persistent inflation. The minutes revealed a lack of consensus on the future path of monetary policy, reflecting a broader tension between supporting the labor market and curbing inflation.
In this context, weekly U.S. jobless claims released this morning signaled continued labor market strength, with 206,000 filings last week—below expectations of 223,000 and down from 229,000 the previous week.
Walmart shares (-0.24%) are slightly lower after gaining more than 2% at the open. The company, which this year became the first retailer to surpass a $1 trillion market capitalization, reported earnings that exceeded analysts’ expectations.
If you want, I can also adapt it into a shorter wire-style version (Bloomberg/Reuters format) or a headline + lead format.
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