Most US stocks fell on Thursday following a mixed round of data on the economy, keeping them on track for their worst week since April, per the AP.
- The S&P 500 slipped 16 points, or 0.3%, to 5,503, its third straight drop.
- The Dow fell 219 points, or 0.5%, to 40,755.
- The Nasdaq gained 43 points, or 0.2%, to 17,127.
- Treasury yields eased a bit ahead of a highly anticipated report on Friday: The government will release its latest update on the jobs market.
One report released Thursday suggested US companies slowed their hiring last month, falling well short of economists' forecasts for an acceleration. Another report, though, said fewer US workers filed for unemployment benefits last week than expected, an indication layoffs remain low. A report released later in the morning suggested growth for businesses in the mining, finance, health care, and other services industries was stronger last month than economists expected.
Old Dominion Freight Line fell to one of the sharpest losses in the S&P 500 Thursday after reporting discouraging revenue trends for August. The freight company's stock fell 5.5%. Verizon's stock slipped 0.5% after it announced it's buying Frontier Communications in a $20 billion deal to strengthen its fiber network. Frontier Communications, which soared nearly 38% the day before, gave back 9.1%. On the winning end of Wall Street was Tesla, which rose 5.2% after its AI division laid out a roadmap for upcoming developments, including the possibility of full self-driving in Europe and China. JetBlue Airways flew 9.2% higher after raising its forecast for revenue in the summer.
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