US stocks slip after 3-day rally as investors assess new virus restrictions and jobless claims
- US stocks stumbled on Thursday as investors digest new virus restrictions and jobless claims data.
- The UK has imposed a new mask-wearing policy indoors as it expects a big surge in cases.
- Weekly jobless claims fell to 184,000 last week, hitting its lowest level in decades.
US stocks fell on Thursday after a 3-day rally erased last week’s losses as investors digest new virus restrictions out of the UK and jobless claims data.
Seeking to prevent a surge in daily COVID-19 cases amid the spread of the Omicron variant, the UK is imposing new mask wearing restrictions in certain indoor settings, and is asking employees to work from home when possible.
Early studies suggest that the Omicron variant is much more transmissible than the Delta variant, and that three doses of Pfizer’s vaccine provide protection from the disease.
Weekly jobless claims were below economist estimates on Thursday, with 184,000 claims representing the lowest level since 1969. Continuing claims rose to 1.99 million for the week that ended November 27, missing estimates.
Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Thursday:
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All eyes are on original meme stock GameStop on Thursday, after the video game retailer announce third-quarter earnings that beat revenue estimates but missed profit estimates. The company disclosed an ongoing inquiry by the SEC, and the stock traded lower by about 3%.
West Texas Intermediate crude oil dropped as much as 0.90% to $71.71 per barrel. Brent crude, oil’s international benchmark, fell as much as 0.91% to $75.13 per barrel.
Gold fell as much as 0.46% to $1,777.30 per ounce.