Wall Street muted as weak earnings overshadow signs of softening labour market

Initial claims for state unemployment benefits increased 22,000 to a seasonally adjusted 231,000 for the week ended May 4, the Labor Department said. Economists polled by Reuters had forecast 215,000 claims in the latest week. — Reuters picNEW YORK, May 9 — US stock indexes were muted today as a slate of downbeat earnings offset the impact of data that showed US weekly jobless claims rose more than expected, indicating softening labour market conditions.

The data also dragged down yields on 10-year Treasury notes, the benchmark for global borrowing costs, which had risen in the previous session and pressured equities. Roblox slumped 21.5 per cent after the video-gaming platform cut its annual bookings forecast, in a sign that people were dialling back spending amid an uncertain economic outlook and elevated levels of inflation.

Airbnb slid 6.7 per cent after the vacation rental company forecast second-quarter revenue below market expectations, stoking fears of slowing growth.

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