NEW YORK (AP) 鈥� U.S. stocks slipped below their records in the runup to a big jobs report due on Friday. The S&P 500 edged down 0.2% Thursday after setting an all-time high for the 56th time this year the day before. The Dow Jones Industrial Average lost 0.6%, while the Nasdaq composite fell 0.2%. The crypto market had much more action, and bitcoin briefly burst to a record above $103,000 before falling back toward $99,000. It鈥檚 climbed dramatically since Election Day on hopes President-elect Donald Trump will be more friendly to crypto. Airline stocks were strong, while Treasury yields held relatively steady in the bond market.
THIS IS A BREAKING NEWS UPDATE. AP鈥檚 earlier story follows below.
NEW YORK (AP) 鈥� U.S. stocks are drifting around their records Thursday in the runup to a big jobs report due on Friday. The crypto market had much more action, and above $103,000 before pulling back.
The S&P 500 was edging down by 0.1% after setting an this year the day before to improve one of its . The Dow Jones Industrial Average was down 183 points, or 0.4%, with roughly an hour remaining in trading, while the Nasdaq composite was nearly unchanged from its own record set the day before.
Bitcoin powered the night before, after President-elect chose a crypto advocate, as his nominee to head the Securities and Exchange Commission. The cryptocurrency has climbed dramatically from less than $70,000 on Election Day, but it quickly fell back as Thursday progressed toward $99,000, according to CoinDesk.
Sharps swings for are nothing new, and they took stocks of companies enmeshed in the crypto world on a similar ride. After rising as much as 9% in early trading, MicroStrategy, a company that鈥檚 been raising cash just to buy bitcoin, swung to a loss of 5.9%. Crypto exchange Coinbase Global fell 3.2% after likewise erasing a big early gain.
Elsewhere on Wall Street, stocks of airlines helped lead the way following the latest bumps up to financial forecasts from carriers.
American Airlines Group soared 18.6% after saying it鈥檚 making more in revenue during the last three months of 2024 than it expected, and it will likely make a bigger profit than it had earlier forecast. The airline also chose Citi to be its exclusive partner for credit cards that give miles in its loyalty program. That should help its cash coming in from co-branded credit card and other partners grow by about 10% annually.
麻豆传媒AVwest Airlines climbed 3.4% after saying it鈥檚 seeing stronger demand from leisure travelers than it expected. It also raised its forecast for revenue for the holiday traveling season.
On the losing end of Wall Street was Synposys, which tumbled 12.1%. The supplier for the semiconductor industry reported better profit for the latest quarter than analysts expected, but it also warned of 鈥渃ontinued macro uncertainties鈥� and gave a forecast for revenue in the current quarter that fell short of some analysts鈥� estimates.
American Eagle Outfitters fell even more, 15.3%, after the retailer said it鈥檚 preparing for 鈥減otential choppiness鈥� outside of peak selling periods. It was reminiscent of a warning from Foot Locker earlier in the week and raised more concerns about how resilient U.S. shoppers can remain.
Solid spending by U.S. consumers has been one of the main reasons the that earlier after the Federal Reserve hiked interest rates to crush inflation. But shoppers are now contending with still-high prices and .
This week鈥檚 highlight for Wall Street will be Friday鈥檚 jobs report from the U.S. government, which will show how many people employers hired and fired last month. A report on Thursday said the number of U.S. rose last week but remains at historically healthy levels.
Expectations are high that the Fed will cut its main interest rate again when it meets in two weeks. The Fed began from a two-decade high in September, hoping to offer more support for the job market.
In the bond market, the yield on the 10-year Treasury held steady at 4.18%, where it was late Wednesday.
In stock markets abroad, indexes were mostly calm in Europe after far-right and left-wing lawmakers in France joined together to vote on a prompted by budget disputes that will force Prime Minister Michel Barnier and his Cabinet to resign. The CAC 40 index in Paris added 0.4%.
In 麻豆传媒AV Korea, the Kospi fell 0.9% to compound its 1.4% decline from the day before. President Yoon Suk Yeol was facing after he suddenly on Tuesday night. He revoked the martial law declaration six hours later.
Crude oil prices slipped after eight members of the decided to put off increasing oil production.
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AP Business Writers Yuri Kageyama and Matt Ott contrributed.
Stan Choe, The Associated Press
