US stocks drifted lower on Thursday as financial markets locked in their final moves before a highly anticipated update coming Friday about the US job market.
- The S&P 500 fell 31.51 points, or 0.5%, to 5,939.30.
- The Dow Jones Industrial Average fell 108 points, or 0.3%, to 42,319.74.
- The Nasdaq composite fell 162.04 points, or 0.8%, to 19,298.45.
Tesla tumbled 14.3%, dragging down the S&P 500, as the relationship between Elon Musk and President Trump
soured, reports the
AP. Treasury yields held relatively steady after Trump said trade talks are set to resume with China following an
encouraging phone call with the leader of the world's second-largest economy.
Procter & Gamble fell 1.9% after it said it will cut up to 7,000 jobs over the next two years. Brown-Forman, the company behind Jack Daniel's and Woodford Reserve, fell 17.9% in its worst day since it began trading in 1972. Its profit and revenue for the latest quarter fell short of Wall Street's expectations, and the company said it expects its upcoming fiscal year to be challenging because of issues including "consumer uncertainty" and "the potential impact from currently unknown tariffs." The CEO of PVH, which runs the Calvin Klein and Tommy Hilfiger brands, likewise cite challenges from "an increasingly uncertain consumer and macroeconomic backdrop." Its stock fell 18% even though it reported stronger revenue and profit for the latest quarter than analysts expected.
Among Wall Street's winners was MongoDB, which jumped 12.8% after the database company likewise delivered a stronger profit than analysts expected. Circle Internet Group, the US-based issuer of one of most popular cryptocurrencies, surged almost 170% in its first day of trading on the New York Stock Exchange.
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The next big move for the S&P 500 could come on Friday, when the US Labor Department releases its jobs report for May. The expectation on Wall Street is for a slowdown in hiring from April. A report on Thursday said more US workers applied for unemployment benefits last week than economists expected. The number remains relatively low compared with history, but it still hit its highest level in eight months. Expectations are also building in financial markets that the Federal Reserve will need to cut interest rates later this year in order to prop up an economy potentially weakened by tariffs. (More stock market stories.)
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