Stock market today: S&P 500 slides on fresh economic worries ahead of jobs report

Investing.com -- The S&P 500 closed lower Thursday, as bullish bets on stocks were cast aside by fresh economy worry following mixed employment data just a day ahead of the August nonfarm payrolls report.Private payrolls miss expectations as focus now shifts to Friday's payrolls data

Private payrolls increased by 99,000 jobs in August, compared to a downwardly revised total of 111,000 in July, according to payrolls processor ADP. It was the weakest month for the figure since January 2021.The number of Americans filing for first-time unemployment benefits, meanwhile, came in at 227,000 in the week ending on August 31, a decrease of 5,000 from the prior week's revised level of 232,000. Forecasts had seen the number in line with last week's initial mark of 231,000.

The move is expected to help the telecoms giant grow its fiber network to compete against rivals including AT&T rose more than 2%, paring some losses following major slump on Wednesday. The U.S. steel maker has been under pressure following reports that US President Joe Biden is set to block its proposed $14.9 billion takeover by Japan's Nippon Steel due to national security concerns.

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