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US stocks edge lower as investors wade through earnings and labor-market data

Markets Insider
Markets Insider
 2021-10-21

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Traders on the floor of the New York Stock Exchange.
  • US stocks lost ground Thursday, with IBM weaker after a revenue miss.
  • Investors received the weekly jobless claims report showing a decline to a new pandemic-era low.
  • Worries about the Evergrande crisis resurfaced as the shares resumed trading in Hong Kong.

US stocks declined Thursday as investors assessed a new round of earnings reports and jobless claims at pandemic-era lows while seeing worries over the Evergrande crisis in China resurface.

All three of Wall Street's big equity indexes were slightly lower, with the broad S&P 500 index on the verge of ending a six-session run of wins. On the Dow Jones Industrial Average, IBM shares dropped following a quarterly revenue miss by Big Blue.

Here's where US indexes stood at 9:30 a.m. on Thursday:

US stock futures and other global stock markets came under pressure as embattled Chinese property developer Evergrande Group shares resumed trading after a suspension of more than two weeks. The stock sank as much as 14% in Hong Kong after a $2.6 billion deal fell through . Investors have been concerned about a potential collapse of Evergrande and how it could ripple through global financial markets.

The US Department of Labor on Thursday said weekly filings for unemployment insurance fell again last week , setting them at another pandemic-era low. Jobless claims reached 290,000 last week. The median estimate from economists surveyed by Bloomberg was for a slight increase to 300,000 claims.

"At 290,000, weekly US initial jobless claims again came in better than expected. [That] Will reinforce the move among more #Fed officials judging that the "substantial further progress test" has been met. The more this continues, the greater the challenge to separating taper from rates," Allianz chief economist Mohamed El-Erian said in a Twitter post .

Around the markets, gold slipped less than 0.1% at $1,781.54 per ounce. The 10-year Treasury yield edged down to 1.659%.

Oil prices dropped. West Texas Intermediate crude lost 0.7% at $82.85 per barrel. Brent oil , the international benchmark, turned lower, down 0.8% to $85.10 per barrel.

Bitcoin fell 1.7% to $64,893.74.

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