by Sinéad Carew and Shristi Achar A
(Reuters) – The New York Stock Exchange ended mixed on Thursday, the surprise drop in weekly jobless claims in the United States having revived concerns about interest rates and inflation.
The Dow Jones index gained 0.17%, or 57.54 points, to 34,500.73 points.
The broader S&P-500 lost -14.34 points, or 0.32%, to 4,451.14 points.
The Nasdaq Composite fell 123.64 points (-0.89%) to 13,748.83 points.
The US Department of Labor released a report on Thursday showing an unexpected drop in the number of weekly jobless claims, raising fears among investors that the Federal Reserve (Fed) would keep rates high for longer than expected.
“Weekly (unemployment) claims were the big news of the morning, with good news being interpreted as bad news and it’s hard to ignore the news from China,” said Sahak Manuelian, director of trading at Wedbush Securities.
Apple stock fell Thursday after reports that China, one of its largest markets, expanded restrictions on iPhone use by government personnel.
Investors’ concerns are also focused on data relating to inflation for the month of August in the United States, which is due to be published next week.
Of the eleven major sectors of the S&P-500, the technology sector suffered the sharpest decline, with Apple dragging down its suppliers and companies heavily exposed to China.
The defensive sector of community services (“utilities”) has progressed.
Wall Street-listed Chinese companies PDD Holdings, JD.com, Alibaba and Baidu were also down.
McDonald’s rose after Wells Fargo raised its recommendation to “overweight.”
(Reporting Sinéad Carew, Shristi Achar A and Amruta Khandekar, with the contribution of Johann M Cherian; French version Camille Raynaud)
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