NEW YORK (AP) - U.S. stocks were lowered in Friday’s final move as financial markets locked in, and then a highly anticipated update to the U.S. job market will be made on Friday.
The S&P 500 index fell 0.5% for the first time in four days. After sprinting in May and meeting within a few days, its all-time highest score yielded higher, with indexes in many 401(k) account centers losing momentum.
The Dow Jones industrial average fell 108 points, or 0.3%, and the Nasdaq composite fell 0.8%.
Trading activity in the options market shows that investors believe the next major move for the S&P 500 could happen Friday, when the Labor Department would say U.S. employers create more jobs than May was damaged in May. Wall Street expects to slow hiring from April.
The resilient job market has been one of the Linchpins that support the U.S. economy, and it is worrying that all the uncertainty created by President Donald Trump's temporary tariffs could prompt businesses to freeze their hiring.
A report on Thursday said that more American workers than economists expected last week, and more American workers applied for unemployment benefits. This number is still relatively low compared to history, but still reaches its highest level in eight months.
The data is the giant behind brands like Baby Diapers and Cascade Dishes Detergent, which he says will cut 7,000 jobs over the next two years. Its stock fell 1.9%.
The heaviest market weight of the day was Tesla, which fell 14.3%. As CEO Elon Musk's relationship with Trump sour taste has lost nearly 30% of its value so far this year as it disagrees with the president's signing tax cuts and spending divisions.
The company behind Jack Daniel's and Woodford Reserve, Brown-Forman, has fallen 17.9% since trading began in 1972.
Its profit and revenue in the most recent quarter did not exceed Wall Street expectations, and the company said it expects the upcoming fiscal year to be challenging due to “consumer uncertainty, the potential impact of currently unknown tariffs” and other aspects.
PVH's CEO, the CEO of the Calvin Klein and Tommy Hilfiger brands, also cites the challenges posed by "an increasingly uncertain consumer and macroeconomic background."
Its stock fell 18%, although it reported higher revenue and profits in the quarter than analysts had expected. The company cut its profit forecast throughout the fiscal year, saying it could only offset some potential hits suffered due to tariffs.
Hopefully, Trump will lower tariffs after a trade deal with other countries, one of the main reasons why the S&P 500 has been so big since it fell about 20% from a record two months ago. Now it's back to its all-time high of 3.3%.
Trump said on Thursday that he spoke to Chinese leader Xi Jinping about trade and said "their respective teams will meet at the near future where they will be determined." ”
It was a relief to ease tensions after the two largest economies in the world alleged to breach each other’s agreement to suspend tariffs, which could put the economy into recession.
To be sure, there is no guarantee that the market is relatively cool with China's latest momentum with Trump's continuous tariffs.
Among Wall Street winners, MongoDB is MongoDB, the database company also brings higher profits than analysts expected.
Circle Internet Group, the issuer of one of the most popular cryptocurrencies in the United States, soared 168.5% on the first day of trading on the New York Stock Exchange.
After retailers sold retailers at prices between $1 and $5, 5.6% below five reported that profits in the latest quarter were higher than analysts expected. CEO Winnie Park
All in all, the S&P 500 index fell 31.51 points to 5,939.30. The Dow Jones industrial average fell 108.00 to 42,319.74, and the Nasdaq composite rate fell 162.04 to 19,298.45.
In the bond market, the treasury yield is stable. The 10-year Treasury yield rose to 4.40% from 4.37% late Wednesday, after a 4.46% decline the next day.
Yields fell sharply on Wednesday as the Fed is expected to lower interest rates later this year to support an economy that could be weakened by tariffs.
In the stock market abroad, after the European Central Bank once again lowered its main interest rates, the European index was mixed, as it is generally expected.
In Asia, the move is larger, with South Korea's kospi jumping 1.5% after the country's new president and leading liberal politician Lee Jae-Myung began his term, vowing to renegotiate with North Korea and establishing partnerships with the United States and Japan.
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AP business writers Yuri Kageyama and Matt Ott contributed.