Stocks experienced a decline on Thursday due to data indicating that the US job market is more resilient than initially expected. The Dow saw a fall of 366 points, equivalent to 1%, resting at 33,922. Likewise, the S&P 500 dropped 35 points or 0.7%, settling at 4,411, while the Nasdaq decreased by 112 points or 0.8% to reach 13,679.
Although a strong labor market prevents the economy from entering a feared recession, it may lead the Federal Reserve to maintain higher interest rates in its efforts to combat high inflation. This, in turn, could exert further pressure on the economy and financial markets. On Wall Street, Exxon Mobil suffered a significant setback, with a 3.3% drop. This decline was attributed to changes in gas prices and industry margins affecting their profits during the spring season.
Additionally, JetBlue Airways announced a 7.1% decrease after losing a court battle over its partnership with American Airlines in the northeastern US regions. Consequently, JetBlue will shift its focus to salvaging its proposed acquisition of Spirit Airlines. American Airlines also experienced a decline of 2.2%. Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, showed fluctuations between slight gains and losses after launching its rival app called Threads, aimed at challenging Twitter. Under new ownership by Elon Musk, Twitter has faced a turbulent journey. Currently, Meta is down by 0.1%. (Read more stock market stories.)
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
