U.S. stocks open lower after jobless claims show labor market is still strong despite layoffs in parts of economy

U.S. stock indexes opened lower on Thursday as investors digested economic data which shows the U.S. labor market is still resilient amid a slowing economy. Dow Jones Industrial Average DJIA, -0.58% dropped 204 points, or 0.6%, to 33,106. The S&P 500 SPX, -0.65% shed 0.5%, while the Nasdaq Composite COMP, -0.95% declined by 0.4%.

The number of Americans who applied for unemployment benefits in mid-January matched a four-month low of 190,000, the Labor Department reported Thursday, suggesting the labor market remains tight despite higher interest rates. Meanwhile, U.S. housing starts declined in December for a fourth-consecutive month, hitting its lowest level since July, driven by lower multi-family units.

So no pivot?

Those jobs were fat in the mortgage sector.

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Source: CNBC - 🏆 12. / 72 Read more »