Wall Street's main indexes were set to open lower on Thursday as a stronger-than-expected weekly jobless claims report pointed to growing signs that rapid interest rate hikes by the Federal Reserve was slowing down economic growth.
reportThe latest report adds to evidence of a cooling labor market after weak data on private payrolls and job openings earlier this week fueled hopes of a pause in rate hikes.
"The last strongholds of the economy are beginning to weaken and that signals recession," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.Fed fund futures are indicating a 62.5% chance of the U.S. central bank pausing its rate hikes in May and a 51.3% chance of a rate cut at its July meeting, according to CME Group's Fedwatch tool.
All eyes will now be on the report on non-farm payrolls, which are expected to have increased by 239,000 in March, down from the 311,000 jobs added in the prior month. At 8:44 a.m. ET, Dow e-minis were down 17 points, or 0.05%, S&P 500 e-minis were down 4.5 points, or 0.11%, and Nasdaq 100 e-minis were down 50.25 points, or 0.38%.
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