- Nasdaq leads losses
- Investors eye jobs report
- Levi Strauss up 12.4%
4:16pm: Stocks plunge on rate cut warning
US stocks finished the day in the red, reversing course in the afternoon after a Fed official warned the Central Bank may not begin cutting interest rate this year.
Investors are now turning toward Friday’s US jobs report which is a key economic measure that will be considered by the Fed in its policy-making decisions.
At Thursday’s close, the tech-laden Nasdaq led the losses, down 1.4% at 16,049 points.
The Dow Jones shed 530 points or 1.4% at 38,596 points and the S&P 500 was down 1.2% at 5,147 points.
On the other hand, jeans brand Levi's closed up 12.4% after an upbeat earnings report.
2:30pm: Stocks fluctuate as investors eye interest rate clues
Wall street headed lower on Thursday afternoon as investors turned their attention to the upcoming US jobs report to glean insights into potential interest rate changes.
The Dow Jones was down by approximately 0.6%, while the S&P 500 had lost 0.3%, and the Nasdaq reversed its upward trajectory to lose 0.1%.
Market sentiment shifted in afternoon trading following comments from Federal Reserve Bank of Minnesota President Neel Kashkari, indicating that the Fed may not cut rates if inflation stalls.
The focus remains on the labor market, with the March jobs report expected to provide crucial data for the Fed's policy decisions, despite recent Department of Labor figures showing a slight increase in initial jobless claims.
9.40am: US stocks begin trading on front foot
US stocks traded higher at the open on Thursday after having been boosted by dovish statements from Fed chair Jerome Powell.
Nevertheless, a tough start to the week means the leading indexes are on track for a losing week, with the Dow Jones down around 1.7%.
The S&P 500 opened 38 points higher at 5,249, while the Nasdaq shifted upwards by 164 points to 16,442.
The Dow Jones jumped 272 points to 39,399.
Leading the movements in equities was Levi Strauss after its shares jumped 16% on the back of a first-quarter earnings beat for both its revenues and profits.
Wayfair, the e-commerce retailer, jumped 5% after it was upgraded from "in line" to "outperform" by Evercore ISI.
Space stock Intuitive Machines rallied 11% before falling back to near flat despite having won a NASA contract worth US$30 million to develop a lunar terrain vehicle.
8.31am: Wall Street to open higher as Fed quells rate cut concerns
US stocks are expected to open higher on Thursday after Fed chair Powell quelled fears surrounding a lack of interest rate cuts.
The Dow Jones is set to lift 127 points at 39,579 when the markets open.
The Nasdaq is expected to jump 93 points to 18,454, while the S&P 500 is touted to begin trading 19 points higher at 5,283.
Investors had shown concern through much of the week about whether the Fed would wait longer to cut rates and whether it would stick to three cuts.
It led to subdued trading throughout much of the week, with markets down on Monday, Tuesday and the start of Wednesday.