Dow closes 0.29% lower at 51,359.75; jobless claims drop to 197,000
- Dow Jones Industrial Average closed down 0.29% at 51,359.75
- Initial U.S. jobless claims fell to 197,000, beating estimates
- Nasdaq Composite dipped 0.63% while S&P 500 fell 0.38%
- Communication services led sector gains; IT lagged
*this image is generated using AI for illustrative purposes only.
U.S. stocks traded lower on Thursday, with the Dow Jones Industrial Average falling more than 100 points. The decline occurred despite U.S. initial jobless claims falling to 197,000, a figure better than market expectations.
Market indices and sector performance
The major U.S. indices closed in the red following the opening bell. The Dow Jones Industrial Average traded down 0.29% to 51,359.75, a drop of 151.84 points. The Nasdaq Composite dipped 0.63% to 26,766.06, while the S&P 500 fell 0.38% to 7,676.54.
Sector performance was mixed, with communication services leading gains and information technology lagging.
| Index/Sector | Change | Value |
|---|---|---|
| Dow Jones Industrial Average | -0.29% | 51,359.75 |
| Nasdaq Composite | -0.63% | 26,766.06 |
| S&P 500 | -0.38% | 7,676.54 |
| Communication Services | +0.8% | N/A |
| Information Technology | -1% | N/A |
Economic data releases
U.S. labor market data showed resilience, with initial jobless claims falling by 1,000 to 197,000 in the second week of September. This figure came in below the market estimate of 201,000. In housing data, building permits declined 2.1% month-over-month to 1.403 million units in August, a smaller drop than the initial estimate of a 2.7% decline. The current account deficit widened to $246 billion in the second quarter from a revised $212.6 billion gap in the previous quarter, though this was narrower than the estimated $255 billion gap.
Notable equity movements
Several individual stocks saw significant volatility driven by company-specific announcements.
Top gainers
- Apimeds Pharmaceuticals US Inc (NYSE: APUS) shares rose 245% to $7.91 after its subsidiary, MindWave, signed a 12-month technology services agreement with AQUAE Holdings to deploy MindChain infrastructure.
- Surrozen Inc (NASDAQ: SRZN) surged 109% to $33.84 following the submission of an IND application for SZN-8141 for diabetic macular edema treatment.
- Profusa Inc (NASDAQ: PFSA) gained 85% to $3.79 after receiving a positive decision from GMED regarding ISO 13485 certification for its quality management system.
Top decliners
- Beneficient (NASDAQ: BENF) shares dropped 33% to $1.93, reversing some of the previous day's 439% jump linked to debt elimination strategies.
- Artelo Biosciences Inc (NASDAQ: ARTL) fell 30% to $5.10 after rising 76% on Wednesday due to a provisional patent filing.
- VisionSys AI Inc. (NASDAQ: VSA) declined 31% to $2.5210 following a 38% rise on Wednesday.
Global markets and commodities
Commodity prices showed mixed movement. Oil traded up 1.6% to $93.59, while copper rose 0.1% to $6.7560. Gold slipped 0.1% to $4,313.60, and silver fell 1.4% to $64.030.
European shares were mixed, with Spain's IBEX 35 rising 0.3% and London's FTSE 100 up 0.1%. Conversely, Germany's DAX fell 0.2%, France's CAC 40 declined 0.3%, and the eurozone's STOXX 600 slipped 0.2%.
Asian markets closed mostly lower. Japan's Nikkei 225 gained 0.76%, but Hong Kong's Hang Seng index dipped 0.29%, China's Shanghai Composite fell 1.22%, and India's BSE Sensex dropped 1.67%.
How might the divergence between strong labor data and declining tech stocks influence Federal Reserve interest rate expectations for the upcoming meeting?
What specific macroeconomic factors are driving the significant underperformance of the Information Technology sector compared to Communication Services?
Will the widening current account deficit and declining building permits signal a broader slowdown in U.S. domestic demand in the coming quarters?
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