U.S. Futures Steady Before Jobs Data; Dollar Slips: Markets Wrap

U.S. Futures Steady Before Jobs Data; Dollar Slips: Markets Wrap

(Bloomberg) -- Stocks fell as a decline in jobless claims to a pandemic low added to evidence the economy is strengthening rapidly, stoking further debate about potential inflationary pressures.

Most major groups in the S&P 500 retreated, with energy and tech shares leading the charge. The Nasdaq 100 underperformed major equity benchmarks. Separate economic data highlighted a rebound in productivity. Friday’s employment report is expected to show the U.S. added about 1 million jobs in April -- a sign that fewer restrictions are bringing more Americans back to work.

“With jobless claims hitting a pandemic-era low, anticipation for the full jobs picture tomorrow mounts,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “Today’s read is another proof point that we’re one step closer to full economic recovery. As we see some serious momentum building on the jobs front, all eyes will be on how this plays into action taken by the Fed.”