U.S. stock indexes opened lower on Thursday after data shows the number of Americans filing for unemployment benefits came in higher than expected last week, a sign suggesting the labor market has softened more than previously believed in the face of higher interest rates. The Dow Jones Industrial Average
DJIA,
+0.01%
dropped 65 points, or 0.2%, to 33,421. The S&P 500
SPX,
+0.36%
was down 0.3%, while the Nasdaq Composite
COMP,
+0.76%
declined by 0.5%. In the seven days ended April 1, new jobless claims fell to 228,000 from a revised 246,000 in the prior week, topping the 200,000 level for the ninth week in a row, after changes to the seasonal adjustment formula. The latest report adds to evidence of a softening labor market after a wave of weak economic data earlier this week fueled hopes of a pause in the Federal Reserve’s rapid interest rate hikes.
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