After futures indicated a mixed start of the day for Wall Street in the wake of better-than-expected jobless claims and GDP growth, the major indexes slid in the first 10 minutes of trading. The Nasdaq Composite dropped 0.7%, while the S&P 500 fell 0.7%. The Dow was down 300 points, or 0.7%.
“The monthly jobs report may paint a different picture, but today’s jobless claims number suggests the labor market is still on solid ground,” writes Chris Larkin, managing director, trading and investing at E*TRADE from Morgan Stanley. “For markets, though, the question is whether anything will be able to rise above the noise of the tariff story. In the near-term, the most likely scenario is more choppy trading.”