NEW YORK — Stocks are slipping in blended trading Thursday as more indications of a strong task market have concerns about interest rates weighing muchheavier on Wall Street.
The S&P 500 was 0.3% lower in early trading and on track for a 3rd straight fall. The Nasdaq composite was likewise down, 0.6% lower, as another increase in yields in the bond market included more pressure on innovation and high-growth stocks in specific.
The Dow Jones Industrial Average was morepowerful, up 80 points, or 0.2%, at 32,742, as of 9: 52 a.m. Eastern time, mainly because of a leap for Salesforce following a strong profits report.
Most stocks fell as more information rolled in to program that the task market is staying far more durable than anticipated, even however the Federal Reserve hasactually jacked up interest rates at the fastest speed in years. A report revealed that less employees used for joblessness advantages last week for a 3rd straight week.
While that’s excellent news for employees and the total economy in the near term duetothefactthat it shows layoffs are low throughout the nation, the worry is that a too-strong tasks market might include up pressure to inflation. It’s the mostcurrent piece of information to program that the total economy, as well as inflation, are remaining morepowerful and greater than anticipated.
A different report Thursday revealed that labor expenses were greater than earlier reported for the last 3 months of 2022, while efficiency was modified down. Both might include pressure on inflation. It follows other reports over the last month proving total task