U.S. stocks closed lower Thursday, despite fresh Commerce Department data that showed jobless claims falling to their lowest levels since September. Claims are up from lows reached early last year, but are near pre-pandemic levels when the job market was also tight.
The Dow Jones Industrial Average shed 252 points. The Nasdaq fell 0.96% and the S&P 500 lost 0.76%.
U.S. corporations seem increasingly pessimistic about growth over the months ahead. Discover Financial Services said Thursday more customers are falling behind on loan and credit card payments. Perhaps that explains a pullback in consumer spending reported by Procter & Gamble, given the rising cost of consumer staples. P&G shares fell 2.1% on the day. Our columnist Aaron Back noted a particularly gloomy tone from Chief Executive Officer Jon Moeller on P&G's earnings call.
“The world seems to want everything to be better, as do I," Mr. Moeller said. "That’s not reality, though."
Uber Technologies also made headlines Thursday after Chief Executive Officer Dara Khosrowshahi said his company is working with automakers to design lower-cost electric vehicles for its food delivery and ride-hailing fleets. The initiative is a step toward what Chief Business Development Officer Jennifer Vescio termed this week an "aggressive" goal of becoming a zero-emission transportation platform in the U.S., Canada and Europe by 2030. Wall Street remains skeptical: Shares of the ride-hailer were little changed Thursday, despite the news.
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