NEW YORK — U.S. stock indexes drifted lower following some potentially discouraging data on the economy. The S&P 500 fell 0.5% Thursday, its third loss in the last four days. The Dow Jones Industrial Average fell 0.5%, and the Nasdaq composite dropped 0.7% from its record set the day before. A report earlier in the morning said more U.S. workers applied for unemployment benefits last week than forecast.
A report earlier in the morning said more U.S. workers applied for unemployment benefits last week than expected. A separate update, meanwhile, showed that inflation at the wholesale level, before it reaches U.S. consumers, was hotter last month than economists expected. “One week doesn’t negate what has been a relatively steady stream of solid labor market data, but the Fed is primed to be sensitive to any signs of a softening jobs picture,” he said.
A cut next week would have the Fed following other central banks, which eased rates on Thursday. The European Central Bank cut rates by a quarter of a percentage point, as many investors expected, and the Swiss National Bank cut its policy rate by a steeper half of a percentage point. On Wall Street, Adobe fell 13.5% despite reporting stronger profit for the latest quarter than analysts expected. The company gave forecasts for profit and revenue in its upcoming fiscal year that fell a bit shy of analysts’.
In stock markets abroad, European indexes held relatively steady following the European Central Bank’s cut to rates.
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