Wall Street Wobbles on Payroll Report Ahead of Corporate Data

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Wall Street Wobbles on Payroll Report Ahead of Corporate Data

US shares fluctuated, after the S&P 500 Index recorded a five-week high in gains yesterday as jobless claims sunk to their lowest since 2007 and investors anticipated corporate earnings report.

Bed Bath & Beyond Inc. lost 5.4% after announcing quarterly earnings below expectations. Ebay Inc. slid 2% after reaching a truce with Carl Icahn to end his bid to shake up the firm, as ABC reports. Rite Aid Corp. increased 15% after announcing full-year sales projections that exceeded estimates.

Family Dollar Stores Inc sunk 0.5% after announcing it was carrying out a review to enhance its business performance.

The S&P 500 lost 0.2% to 1,867.98 as of 10:03 am in New York. The Dow Jones Industrial Average sunk 9.7 points or 0.1% down to 16, 427.48. The Nasdaq 100 Index slid 0.8% after gaining 1.8% on Wednesday. The total volume of shares traded at the S&P 500 was 2.2% higher than the 30-day average at the time.

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“We’re more focused on the beginning of earnings season and what companies are telling us. It seems with the lack of big risk-on, risk-off stories and movements, the markets are more focused on company-specific issues,” investment analyst Drew Wilson of Fenimore Asset Management told Bloomberg.

The S&P 500 rose 1.1 on Wednesday, with tech stocks seeing their biggest gain in January, as minutes of the last Federal Reserve meeting erased fears of a sooner-than-expected hike in interest rates.

The number of Americans seeking unemployment payments dropped to the lowest level since before the last recession, indicating an improvement of the job market. Jobless claims stood at 300,000, having sunk by 32,000 in the week that ended April 5, the smallest figure since May 2007, according to a Labor Department Report released today. The number is even smaller than the most optimistic estimate worked out in a Bloomberg survey.

To contact the reporter of this story; Jonathan Millet at john@forexminute.com