Stocks fell Thursday on data suggesting the US job market remains much more resilient than expected.
- The Dow fell 366 points, or 1%, to 33,922.
- The S&P 500 fell 35 points, or 0.7%, to 4,411.
- The Nasdaq fell 112 points, or 0.8%, to 13,679.
While a sturdy labor market keeps the economy out of a long-feared recession, it could also push the Federal Reserve to keep interest rates higher for longer in its campaign to defeat high inflation, per the AP. That in turn could mean more pressure down the line on the economy and financial markets. On Wall Street, Exxon Mobil was one of the heaviest weights on the market after it tumbled 3.3%. It warned of a hit to its profit during the spring because of changes in gas prices and industry margins.
JetBlue Airways sank 7.1% after it said it will end a partnership with American Airlines in the northeastern US after losing a court fight over the deal. JetBlue will focus instead on salvaging its proposed purchase of Spirit Airlines. American Airlines fell 2.2%. Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, wavered between small gains and losses after unveiling its new app Threads, a rival to Twitter, which has had a bumpy ride under new owner Elon Musk. Meta was most recently down 0.1%.
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