U.S. stocks were mostly lower Thursday as weak outlook from technology bellwether Microsoft dampened investor sentiment, with the major indexes coming off of two straight losing days.
The tech-heavy Nasdaq Composite fell 0.5%. The S&P 500 dipped 0.2%. The Dow Jones Industrial Average was near flat
Shares of Microsoft fell more than 3% as the company warned revenue and earnings this quarter would fall short of analysts’ estimates.
“Our view is cautious as we close out the second quarter,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. “Global central bank uncertainty and the pace of tighter monetary policy, still-tight global energy ... markets — which may lead to higher prices still — and headwinds for corporate earnings growth are risks for investors moving forward.”
Investors eyed employment data showing theslowest job creation paceof the pandemic-era recovery. Private sector employment rose by just 128,000 in May, ADP reported Thursday, falling well short of the 299,000 Dow Jones estimate.
Traders also parsed through corporate earnings results. Shares of pet retailer Chewy surged roughly 15% premarket after the company reported strong quarterly results. Meanwhile, Hewlett Packard Enterprise fell about 5% following slight misses on both earnings and revenue.
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