NEW YORK — U.S. stocks slipped below their records in the runup to a big jobs report due on Friday. The S&P 500 edged down 0.2% Thursday after setting an all-time high for the 56th time this year the day before. The Dow Jones Industrial Average lost 0.6%, while the Nasdaq composite fell 0.2%. The crypto market had much more action, and bitcoin briefly burst to a record above $103,000 before falling back toward $99,000.
Sharps swings for bitcoin are nothing new, and they took stocks of companies enmeshed in the crypto world on a similar ride. After rising as much as 9% in early trading, MicroStrategy, a company that’s been raising cash just to buy bitcoin, swung to a loss of 5.9%. Crypto exchange Coinbase Global fell 3.2% after likewise erasing a big early gain.
Southwest Airlines climbed 3.4% after saying it’s seeing stronger demand from leisure travelers than it expected. It also raised its forecast for revenue for the holiday traveling season. Solid spending by U.S. consumers has been one of the main reasons the U.S. economy has avoided a recession that earlier seemed inevitable after the Federal Reserve hiked interest rates to crush inflation. But shoppers are now contending with still-high prices and a slowing job market.
In the bond market, the yield on the 10-year Treasury held steady at 4.18%, where it was late Wednesday.
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