The S&P 500 technology index was down 0.3% from the record closing high on Wednesday, when both other major US stock indexes also notched closing highs.
Shares of UnitedHealth were down 4.7% and the stock was the biggest weight on the Dow and S&P 500. On Wednesday, Brian Thompson, the CEO of UnitedHealth’s insurance unit, was killed outside a Midtown Manhattan hotel in what police described as a targeted attack.
Forecasters believe Friday’s employment report will show nonfarm payrolls increased by 200,000 jobs in November, a Reuters survey showed. In October, payrolls rose 12,000, the smallest rise since December 2020.
Data earlier in the day showed the number of Americans filing new applications for unemployment benefits rose slightly last week.
Daniel Morgan, portfolio manager at Synovus Trust in Atlanta, Georgia, said investors are digesting economic data and looking ahead to Friday’s employment report.
“Obviously the Street is going to be trading on what the Fed is going to do,” he said.
“Also, there is a new administration coming in that’s going to be friendly to the stock market and the economy.”
On Wednesday, Federal Reserve (Fed) chair Jerome Powell said the US economy is stronger now than the central bank had expected when it started cutting rates in September, and he appeared to signal support for a slower pace of reductions.
Markets are pricing in about a 70% chance of a 25bp rate cut this month, and a 30% chance of a pause.
The Dow Jones Industrial Average fell 174.96 points, or 0.39%, to 44,839.08, the S&P 500 lost 4.55 points, or 0.07%, to 6,081.94 and the Nasdaq Composite lost 1.93 points, or 0.01%, to 19,733.18.
Former US president Donald Trump’s win in the Nov 5 elections helped to lift stocks in November as investors cheered his talk of tax cuts and looser regulation.
Shares of Synopsys fell 12.2% after the chip design software firm forecast fiscal 2025 revenue below Wall Street expectations, in part due to a slump in China sales.
Cryptocurrency and blockchain-related stocks lost steam after surging earlier in the day when Bitcoin, the world’s largest cryptocurrency, stormed above the US$100,000 mark for the first time.
MicroStrategy, the largest corporate holder of bitcoin, was down 3.9%.
Declining issues outnumbered advancers by a 1.14-to-1 ratio on the NYSE. There were 330 new highs and 65 new lows on the NYSE.
On the Nasdaq, 1,592 stocks rose and 2,684 fell as declining issues outnumbered advancers by a 1.69-to-1 ratio.