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Stocks slipped on Thursday as Wall Street awaited the key jobs report and dissected a slew of economic data ahead of it. Meanwhile, the possibility of an Israeli retaliatory attack against Iran’s oil facilities sent oil soaring for a third day.
The S&P 500 (^GSPC) dropped almost 0.2%, while the Dow Jones Industrial Average (^DJI) fell about 0.4%. The tech-heavy Nasdaq Composite (^IXIC) finished just below the flatline.
Some calm has returned to a market rattled by escalating Mideast tensions that have driven sharp gains in oil prices. Israel has yet to launch its promised retaliation to Iran’s missile strike on Tuesday amid efforts by Western and regional leaders to stabilize the situation.
But the burgeoning crisis helped drive oil prices higher for a third day. Brent crude (BZ=F) and West Texas Intermediate (CL=F) futures both gained more than 5% following comments from President Biden regarding the possibility of an Israeli retaliatory attack against Iran’s oil facilities.
In the US, investors are bracing for the highly anticipated September jobs report on Friday after a surprise uptick in private payrolls came alongside signs the labor market is loosening up.
The market received more signs of general cooling in the labor market on Thursday. Weekly jobless claims ticked up slightly from the prior week. Meanwhile, planned layoffs in the US dipped from a five-month high, according to a report from Challenger, Gray and Christmas. But the firm’s vice president said the data showed the labor market is at an “inflection point.”
Any new signs of deterioration in the labor market could prompt the Federal Reserve to follow up its 0.5% interest rate cut last month with another jumbo move, despite policymakers’ expectation of a 0.25% cut in November.
On the corporate front, Tesla (TSLA) stock continued to slide in the wake of downbeat delivery figures, as Reuters reported the EV maker has halted US online orders for its cheapest Model 3. Shares declined more than 3% on Thursday.
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