Global stock markets have been experiencing a period of fluctuation, with investors closely monitoring U.S. labor market data and its potential impact on the Federal Reserve's rate policy. Tech stocks, in particular, have been leading the major averages higher, with the Nasdaq Composite rising nearly 1.4%. However, the Dow Jones Industrial Average has been lagging behind, rising only about 0.2%.
The latest weekly jobless claims data revealed that 220,000 claims were filed in the week ending Dec. 2. This data, along with other labor market information, is being closely watched by investors as it could indicate the likely route of the Federal Reserve's rate policy.
In contrast to the tech stocks, global stocks have been retreating as investors await further labor market data. This retreat comes after a four-session winning streak. The Dow Jones Industrial Average closed down 0.11%, the S&P 500 lost 0.54%, and the Nasdaq Composite fell 0.84%. European stocks also edged lower, and crude oil prices declined.
In the commodities market, crude prices are lower due to investor skepticism over the latest OPEC+ decision on supply cuts and uncertainty surrounding global fuel demand. The dollar has rebounded after three weeks of declines, weighing on gold which pulled back after hitting a record high.
U.S. stock futures were little changed early Thursday as global bond yields rose and traders eyed two more jobs reports that may impact the chances of the Fed cutting interest rates next year. Lower inflation alongside signs of a cooling labor market have helped push benchmark 10-year Treasury yields down.
In corporate news, companies reporting earnings on Thursday include Dollar General, Broadcom, Lululemon, and DocuSign.
