Wall Street Edges Lower Ahead of Jobs Report
NEW YORK (AP) — Wall Street is experiencing a slight decline on Thursday as anticipation builds for the forthcoming jobs report due on Friday.
The S&P 500 fell by 0.5% during late trading. Following a strong performance in May, the index, integral to many 401(k) accounts, is losing traction as financial markets await the next catalyst for movement, whether upward or downward.
The Dow Jones Industrial Average decreased by 84 points, or 0.2%, with about 45 minutes left in trading, while the Nasdaq composite saw a decline of 0.9%.
Options market activity indicates that investors are bracing for a significant shift in the S&P 500 on Friday, when the U.S. Labor Department will release data on job creation for May. Wall Street expects hiring to slow compared to April.
A strong job market has been crucial for supporting the U.S. economy, but there are concerns that ongoing uncertainty from President Donald Trump’s inconsistent tariffs might lead companies to halt hiring.
On Thursday, data revealed that more U.S. workers applied for unemployment benefits last week than anticipated by economists, marking the highest level in eight months, albeit still relatively low historically.
The news came as Procter & Gamble, the parent company of brands like Pampers and Cascade, announced plans to cut up to 7,000 jobs over two years, causing its stock to plummet by 1.8%. Tesla also suffered, with shares dropping 15%, losing around 30% of their value this year amid growing tensions between CEO Elon Musk and Trump.
