Futures tied to the Dow Jones Industrial Average were near flat on Thursday as Friday’s all-important jobs report loomed. Dow futures dipped 3 points, trading near flat. S&P 500 futures rose by 0.3%, while Nasdaq 100 futures added 0.3%. Online pet products retailer Chewy slumped 10% following a weak forecast for fourth quarter net sales. GameStop shed nearly 7% after it reported lower net sales compared to the year-ago period. The moves follow a losing session for the major averages that can be taken as a signal of the late-2023 rally fizzling out. The Dow and the S&P 500 posted a three-day losing streak, sliding 0.2% and 0.4%, respectively. The Nasdaq Composite also dropped about 0.6%. Wednesday marked the first three-day negative streak for both the Dow and S&P 500 since October. Still, the three major indexes remain poised to finish the fourth quarter and calendar year higher, underscoring the strength of the rally seen earlier. “I think you’re still going to see some choppiness in terms of leadership,” Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, said on CNBC’s “Closing Bell: Overtime.” “One of the reasons why it’s been so difficult for the growth trade to relinquish its leadership is that expectations for economic growth are still sluggish,” she added. The job market has been a focus of investors this week amid a series of mixed data releases. Weekly jobless claims released Thursday were below economist expectations and a reading of continuing jobless claims declined, indicating that the pace of layoffs hasn’t increased. The U.S. 10-year treasury yield popped on the back of the figures, reflecting concerns that the labor market was still too strong for economic policymakers. Private payrolls data issued on Wednesday showed that employers added fewer positions than economists forecasted. Meanwhile, the volume of job openings in October fell to its lowest level since March 2021, according to Labor Department data released Tuesday. It left traders with a confusing picture ahead of the main event: Friday’s official jobs report. Economists polled by Dow Jones expect that 190,000 jobs were added in November, a step up from the prior month. Investors are hoping for a cooling of the labor market that leaves the Federal Reserve comfortable with their decision to halt interest rate hikes. The U.S. Treasury 10-year Treasury yield rose on Thursday as investors considered the state of the labor market and broader economy ahead of Friday’s all-important jobs report. The yield on the 10-year Treasury was up by over 2 basis points at 4.148%. It had dipped as low as 4.117% on Wednesday, which marked its lowest level since early September. The 2-year Treasury yield was last down by nearly 2 basis points at 4.586%. Asia-Pacific markets slumped across the board, mirroring moves on Wall Street as investors assessed trade data from China and Australia. China’s November trade numbers surprised expectations, with exports climbing 0.5% and imports falling 0.6% year on year. Economists polled by Reuters expected a 1.1% year-on-year drop in exports and a 3.3% climb in imports. In Australia, the S&P/ASX 200 narrowed losses, inching down 0.07% and ending at 7,173.3 after the country’s trade surplus in October widened to 7.13 billion Australian dollars, but missed Reuters poll estimates of AU$7.5 billion. Japan’s Nikkei 225 fell 1.76% to close at 32,858.31 after leading gains in Asia on Wednesday, while the Topix slid 1.14% to 2,359.91. South Korea’s Kospi shed 0.13% to finish at 2,492.07, while the small-cap Kosdaq closed 0.77% at 813.2. Hong Kong’s Hang Seng index dropped 0.66%, paring losses in its final hour, while the mainland Chinese CSI 300 slipped 0.24%, hitting new four year lows at 3,391.28. Oil prices reclaimed some ground on Thursday after tumbling to a six-month low the previous day but investors remained concerned about sluggish demand in the United States and China. Brent crude futures were up $1.01, or 1.36%, to $75.31 a barrel. U.S. West Texas Intermediate crude futures were up 92 cents, or 1.33%, to $70.30 a barrel. Gold prices climbed on Thursday, buoyed by a weakness in the dollar and Treasury yields, with investors awaiting crucial U.S. payrolls data that could help ascertain the Federal Reserve’s interest rate trajectory. Spot gold rose 0.5% to $2,035.71 per ounce. U.S. gold futures gained 0.2% to $2,052.9.
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