US stocks tread water as markets await jobs data
Wall Street stocks were little changed on Thursday after hitting records a day earlier, as traders awaited data on the labour market. The Dow Jones inched up 0.2 percent to 38,886, while the S&P 500 ended flat at 5,352. The Nasdaq dipped 0.1 percent to 17,173. On Wednesday, the S&P 500 and Nasdaq both reached new highs. "It's not uncommon. It seems like every time the market makes a new high, there is not a lot of follow through," said Karl Haeling of LBBW. The market movements also came after the European Central Bank lowered interest rates for the first time since 2019. Haeling noted that although the ECB cut was anticipated, its tone was "less dovish than expected." All attention is now on the Federal Reserve's policy meeting next week, as traders look for signs that the US central bank may soon follow suit in reducing interest rates. For now, traders are looking ahead to the latest US employment report due out on Friday indicating the health of the labour market. While hiring has proven more resilient than anticipated in the face of high interest rates, cooling job growth could prompt the Fed to lower rates sooner rather than later. Among individual companies, Lululemon Athletica shares ended 4.8 percent up after unveiling results that beat expectations. (AFP)