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The Dow Jones Industrial Average slipped Thursday despite better-than-expected August retail sales, as the latest weekly jobless claims report pointed to a mixed economic picture.
The blue-chip average gave back 197.06 points to 34,617.33
The S&P 500 dumped 25.88 points to 4,454.82.
The NASDAQ Composite slumped 71.62 points to 15,088.91.
Mining names Freeport-McMoRan and Newmont were the biggest laggards on the S&P 500, Freeport down about 7% and Newmont staggering roughly 4%.
On the upside, Moderna shares rose after the company released more data on breakthrough COVID cases that supports the push for the wide use of vaccine booster shots.
August retail sales surprised the market and rose 0.7% from the month prior, the Census Bureau reported Thursday. Economists surveyed by Dow Jones expected a 0.8% month-over-month decline.
Meanwhile, the latest unemployment insurance weekly data showed 332,000 first-time jobless claims last week. Economists polled by Dow Jones expect a total of 320,000 initial claims.
History is also not on the market’s side as September tends to be a typically negative month for stocks. The S&P 500 has fallen 0.6% during the month on average since 1945, according to data from CFRA.
Prices for 10-Year Treasurys subsided, raising yields to 1.33% from Wednesday’s 1.30%. Treasury prices and yields move in opposite directions.
Oil prices docked 49 cents to $72.12 U.S. a barrel.
Gold prices slipped $39.30 to $1,795.30 U.S. an ounce.
