U.S. stocks open modestly lower after jobless claims come in higher than expected ahead of March jobs report
U.S. stock indexes opened lower on Thursday after data shows the number of Americans filing for unemployment benefits came in higher than expected last week, a sign suggesting the labor market has softened more than previously believed in the face of higher interest rates. The Dow Jones Industrial Average dropped 65 points, or 0.2%, to 33,421. The S&P 500 was down 0.3%, while the Nasdaq Composite declined by 0.5%. In the seven days ended April 1, new jobless claims fell to 228,000 from a revised 246,000 in the prior week, topping the 200,000 level for the ninth week in a row, after changes to the seasonal adjustment formula. The latest report adds to evidence of a softening labor market after a wave of weak economic data earlier this week fueled hopes of a pause in the Federal Reserve's rapid interest rate hikes.
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