U.S. stocks opened lower Thursday after the Department of Labor released data showing that weekly unemployment claims slipped and wholesale inflation rose more than expected in January. The Dow Jones Industrial Average fell 0.8%, while the S&P 500 dropped 1.1% and the Nasdaq Composite decreased 1.4%. Initial jobless claims decreased to 194,000 in the week ending February 11, signaling a strong labor market. Additionally, U.S. wholesale prices increased 0.7% in January, causing the Federal Reserve to raise interest rates to combat high inflation.
U.S. stocks opened lower Thursday as investors digested fresh data showing that weekly unemployment claims slipped and wholesale inflation climbed more than expected in January. The Dow Jones Industrial Average
DJIA,
fell 0.8% soon after the opening bell, while the S&P 500
SPX,
fell 1.1% and the Nasdaq Composite
COMP,
dropped 1.4%, according to FactSet data, at last check. Initial jobless claims slipped to 194,000 in the week ending Feb. 11, according to a Department of Labor report Thursday. That’s above the 200,000 in new claims forecast by economists polled by the Wall Street Journal, with the Department of Labor report signaling a still strong U.S. labor market. Meanwhile, U.S. wholesale prices jumped 0.7% in January, more than expected, while the year-over-year increase slowed to 6%. The Federal Reserve has been raising interest rates to fight high inflation.
