The Department of Labor released its weekly report on new jobless claims Thursday at 8:30 a.m. ET.
Varsha Waishampayan, Wings For Growth CEO & Founder, joins Yahoo Finance’s Kristin Myers and Alexis Christoforous to discuss Asian female representation in corporate America.
(Bloomberg) -- Stocks fell as a decline in jobless claims to a pandemic low added to evidence the economy is strengthening rapidly, stoking further debate about potential inflationary pressures.Most major groups in the S&P 500 retreated, while the Nasdaq 100 underperformed major equity benchmarks. Separate economic data highlighted a rebound in productivity. Traders are now awaiting Friday’s employment report, which is expected to show the U.S. added about 1 million jobs in April -- a sign that fewer business restrictions are bringing more Americans back to work.“With jobless claims hitting a pandemic-era low, anticipation for the full jobs picture tomorrow mounts,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “Today’s read is another proof point that we’re one step closer to full economic recovery. As we see some serious momentum building on the jobs front, all eyes will be on how this plays into action taken by the Fed.”U.S. support for a proposal to waive patents for Covid-19 shots might be good news for the global inoculation campaign, but ended up sinking shares of vaccine makers. Pfizer Inc., BioNTech SE, Novavax Inc., Johnson & Johnson and CureVac NV slid, with Moderna Inc. tumbling as its revenues missed estimates. Uber Technologies Inc. slumped after saying spending on recruiting drivers will impact earnings. PayPal Holdings Inc. rallied as its results topped already high expectations.After closing at a fresh high on Wednesday, the Dow Jones Transportation Average -- considered a barometer of economy activity -- surged 25% above its 200-day moving average. The move could be “perceived as indicative of strength likely to continue in the broader equity market,” said Bloomberg Intelligence’s Gina Martin Adams.These are the main moves in markets:StocksThe S&P 500 fell 0.3% as of 11:13 a.m. New York timeThe Nasdaq 100 fell 0.6%The Dow Jones Industrial Average was little changedThe Stoxx Europe 600 fell 0.4%The MSCI World index was little changedCurrenciesThe Bloomberg Dollar Spot Index fell 0.3%The euro rose 0.4% to $1.2054The British pound fell 0.2% to $1.3880The Japanese yen was little changed at 109.13 per dollarBondsThe yield on 10-year Treasuries was little changed at 1.56%Germany’s 10-year yield was little changed at -0.23%Britain’s 10-year yield declined three basis points to 0.79%CommoditiesWest Texas Intermediate crude fell 0.7% to $65 a barrelGold futures rose 1.7% to $1,814 an ounceFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.