US stocks fall as traders remain cautious on economic growth outlook

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Traders work on the floor of the New York Stock Exchange (NYSE)

US stocks closed lower on Thursday as investors remained cautious on the outlook for global growth in light of recent economic data. Every sector within the S&P 500 besides financials fell.

Weekly jobless claims fell to 310,000 last week, setting a fresh pandemic-era low, according to Thursday data from the Labor Department. Economists expected claims to slide to 335,000. The print marked a second straight weekly decline.

Momentum also faded in light of the Federal Reserve’s August Beige Book, which noted that economic growth downshifted last month.

Here’s where US indexes stood at the 4 p.m. ET close on Thursday:

GameStop slid as much as 10% before paring losses Thursday after the video gamer retailer favored by social media traders posted a quarterly adjusted loss that was wider than anticipated and opted not to offer specific financial guidance.

Bitcoin traded around $46,600 Thursday morning after slipping near $44,000 in the early morning hours. The world’s largest cryptocurrency is being outperformed by Solana, which hit an all-time high of $216.47 overnight. The altcoin is up over 420% in the last month

West Texas Intermediate crude slide as much as 1.82%, to $68.04 per barrel. Brent crude, oil’s international benchmark, slid 1.72%, to $71.35 per barrel, at intraday lows.

Gold was steady around $1796 per ounce.