Stock market news today: Dow falls 543 points ahead of jobs report

Major indexes gained early in the day on softer labor market data in the form of higher than expected jobless claims, data which could help influence the Fed to keep its next rate hike small. Claims rose 21,000 to 211,000 over the last week, the largest surge in five months.

Stocks, however, reversed course to slide in afternoon trading, with the Dow losing over 500 points as investors turned their focus to Friday's non-farm payrolls report. Markets are betting that a 50 basis-point rate increase is likely at the March meeting of the Federal Open Market Committee following Fed Chair Jerome Powell's testimony to Congress this week, in which the top central banker struck a hawkish tone on inflation and future rate hikes.

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