The S&P 500 fell on Thursday as investors processed data showing a weaker labor market and concerns over escalating tensions in the Middle East. By the close, the Dow was down 184 points, the S&P 500 dropped 0.2%, and the NASDAQ fell 0.1%. The conflict between Israel and Iran raised risks for the market, with U.S. President Joe Biden indicating that potential strikes on Iranian oil facilities were under discussion. Oil prices surged due to the tensions, boosting energy stocks.
On the labor front, initial jobless claims increased to 225,000, slightly above expectations. Traders remain cautious ahead of Friday’s nonfarm payrolls report, which will influence the Federal Reserve’s next moves.
In corporate news, Levi Strauss fell over 7% after revising its revenue forecast, Tesla lost 3% on a recall issue, and NVIDIA jumped 3% on high demand for its new AI chips.
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