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Stock market today: Stocks open steady as Dow tries to extend 6-day win streak

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Unemployment Claims

Stocks have lost their bounce after a growing chorus of Federal Reserve officials made it clear that interest rates will need to stay higher for longer.

US stocks opened largely steady on Thursday as a fresh earnings batch provided mixed results and a reading on unemployment claims showed evidence the labor market continues to cool. The Dow Jones Industrial Average dropped roughly 0.1%, setting up for a struggle after a six-day winning streak. The S&P 500 hovered around the flatline, while the tech-heavy Nasdaq Composite did the same.

However, initial weekly jobless claims data released on Thursday came in at 231,000, an increase of 22,000 from the prior week and the highest level since August. The latest Department of Labor print signals the job market continues to slow. Meanwhile, a downbeat annual revenue forecast from Arm cast doubt on the hopes for AI growth that have boosted chip stocks. The chip designer's shares sank 9% in pre-market trading, with sector peers Nvidia and AMD down slightly. Warner Bros.

 

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