U.S. stocks trade mixed ahead of bank earnings on Friday.
The U.S. stock market traded mixed-to-lower on Thursday, as investors shrugged off solid jobs data ahead of corporate earnings season.
All of Wall Street’s major indices headed for declines. The Dow Jones Industrial Average (NYSEARCA:DIA) closed down 14.04 points, or 0.1%, at 26,143.12.
The broad S&P 500 Index (NYSEARCA:SPY) pared losses to finish flat at 2,883.32. Losses were mainly concentrated in the health care sector.
Meanwhile, the technology-focused Nasdaq Composite Index (NYSEARCA:QQQ) declined 0.2% to 7,947.36.
A measure of implied volatility known as the CBOE VIX (NYSEARCA:VXX) was little changed on Thursday, reflecting calm trading conditions on Wall Street. A sharp drop in volumes may have contributed to the market’s prevailing calm. VIX settled at 13.19, where it was little changed on the day.
In economic data, U.S. jobless claims plunged last week to the lowest level since 1969, a sign that the labor market was still on solid footing despite weaker growth elsewhere in the economy. The number of Americans filing for first-time unemployment benefits declined by 8,000 to a seasonally adjusted 196,000 in the week ended April 6, the Department of Labor reported Thursday.
Separately, Labor economists reported that producer inflation surged 0.6% in March and 2.2% annually. Core producer prices rose 0.3% on month and 2.4% annually, official data showed.
The Final Word: Wall Street banks JPMorgan Chase & Co and Wells Fargo & Co kick off earnings season on Friday. Several Dow blue chips are scheduled to report early next week. Q1 2019 is expected to deliver the first year-over-year decline in corporate earnings since 2016.