US stocks churn on mixed labor data, OPEC meeting

Web Desk

02nd Jun, 2022. 07:38 pm
Share

The Dow Jones Industrial Average was down 0.2 percent at 32,735.
Microsoft cut its earnings and sales forecast due to the rising dollar.
Initial jobless claims fell from 11,000 to 200,000 in the week ending May 30.
Both reports come ahead of Friday’s official government data.

Wall Street stocks were little altered early Thursday after uneven employment data and a Microsoft earnings warning, as oil prices varied ahead of a conference of petroleum exporters.

ADP, a payroll services business, reported a 128,000 increase in private employment last month, significantly less than economists predicted and far less than April’s total.

But the Department of Labor in a separate report said initial unemployment claims fell from 11,000 last week to 200,000. Both reports come ahead of Friday’s official government data.

Markets are also eyeing developments in Vienna, where the OPEC+ group of producers agreed to boost oil output more than expected in light of the Russian invasion of Ukraine, a move that could counteract the latest rise in crude prices.

About 20 minutes into trading, the Dow Jones Industrial Average was down 0.2 percent at 32,735.68.

The S&P 500 fell 0.2 percent to 4,094.43, while the tech-heavy Nasdaq Composite Index rose 0.1 percent to 12,011.06.

Individual businesses lost 2.2 percent, led by Dow member Microsoft, which cut its earnings and sales forecast due to the rising dollar.

Yesterday US stock markets

US stocks on Wall Street started the month of June on a high note Wednesday, rising early in the session on positive announcements from Salesforce and Delta.

Salesforce shares soared more than 13% higher after the software giant reported better-than-expected earnings and described consumer demand as robust.

Delta Air Lines, meanwhile, fell 2.1 percent, even as it described “strong” market conditions and demand despite the drag from higher fuel costs.

Read More: US stocks begin June on positive note