U.S. stocks slip in early trade
Main U.S. indexes slightly lower; Dow Industrials off ~0.5%
Energy best S&P sector performer, Cons Disc leads decliners
Euro STOXX 600 index down ~1%
Dollar up; crude up >4%; gold, bitcoin dip
U.S. 10-Year Treasury yield rises to ~3.83%
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U.S. STOCKS SLIP IN EARLY TRADE
The S&P 500 .SPX and Nasdaq .IXIC are now slightly lower, while the Dow .DJI is off about 0.5%.
Investors are digesting a flurry of economic data, with earlier initial jobless claims showing a slight rise in the latest week, but consistent with a stable labor market.
Stocks moved lower, however, after the Institute for Supply Management (ISM) said its non-manufacturing purchasing managers (PMI) index accelerated to 54.9 last month, the highest level since February 2023, from 51.5 in August and well above the 51.7 estimate of economists polled by Reuters.
Energy .SPNY leads S&P 500 sector gainers with a rise of more than 1%, and is on track for its fifth straight session of gains and fourth gain of more than 1% over the same time frame as crude prices continue to ascend over hostilities in the Middle East.
Israel's military urged residents of more than 20 towns in south Lebanon to evacuate their homes immediately on Thursday as it pressed on with incursions after suffering its worst losses in a year of fighting the Iran-backed armed group Hezbollah.
Consumer discretionary .SPLRCD is the worst performing S&P 500 group, as concerns grow about the potential fallout to retailers from stalled inventories due to a dockworker strike at major U.S. ports.
Below is your early market snapshot:
(Chuck Mikolajczak)
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FOR THURSDAY'S EARLIER LIVE MARKETS POSTS:
UBS SEES ABOUT 7% UPSIDE IN MSCI AC WORLD INDEX - CLICK HERE
DOWN THE STRETCH, MOMENTUM INCREASES ITS LEAD - CLICK HERE
CHINA STIMULUS OFFERS ARRAY OF OPPORTUNITIES - JANUS HENDERSON - CLICK HERE
STOXX ERASES CHINA RALLY, AUTOS DRAG - CLICK HERE
EUROPEAN FUTURES EASE, TESCO UPS PROFIT FORECAST - CLICK HERE
PMIS TO PAVE THE WAY FOR RATE CUTS - CLICK HERE
Early trade Oct 3 https://tmsnrt.rs/47Umj1v
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