Dow industrials tumble more than 400 points as stock market gives up early gains in September’s final session

How are stock-index futures trading?

• The Dow Jones Industrial Average DJIA, -1.05% declined 439 points, oregon 1.3%, little to 33,950.
• The S&P 500 index SPX, -0.56% was 0.9% little astatine 4,320.
• The Nasdaq Composite Index COMP, +0.09% fell 0.3% to 14,463.

For the month, the Dow was headed for a 2.4% decline, the S&P 500 was down 3.2% and the Nasdaq Composite was disconnected 4.3%. For the quarter, the Dow was flat, the S&P 500 was up 1.9% and the Nasdaq Composite was up 0.8%.

What’s driving the market?

Sentiment connected Thursday was souring rapidly connected Wall Street, adjacent arsenic hopes were increasing that the authorities would avert a shutdown arsenic a midnight deadline approaches for backing operations.

Congress was preparing Thursday to walk authorities extending authorities spending done Dec. 3 and avert a shutdown. That effort comes arsenic the House aims to pass a astir $1 trillion infrastructure bill already passed by the Senate but which whitethorn beryllium successful uncertainty arsenic Democratic factions are threatening to artifact the measure unless mean members motion connected to supporting a separate, broader measure focused connected clime change, education, and healthcare.

The driblet successful stocks was successful question adjacent arsenic enslaved yields eased again with the 10-year Treasury TMUBMUSD10Y, 1.517% slipping 2.5 ground constituent to astir 1.52%. The U.S. dollar, meanwhile, which has been successful the spotlight arsenic it charged to its highest level successful astir a twelvemonth was steadying astatine 94.29, astatine past check.

Investors were digesting caller comments from Fed Chairman Jerome Powell, arsenic helium testifies to a House sheet connected COVID relief, on with Treasury Secretary Janet Yellen.

The Treasury Secretary astatine Thursday’s proceeding reiterated that a nonaccomplishment to rise the indebtedness bounds would person catastrophic implications for markets and the U.S. economy.

Several different authorities officials are acceptable to talk Thursday, including Atlanta Fed President Raphael Bostic, Philadelphia Fed President Patrick Harker, Chicago Fed President Charles Evans and St. Louis Fed President James Bullard.

On the information front, the fig of radical who applied for U.S. unemployment benefits successful precocious September roseate to a two-month high, but overmuch of the summation took spot successful California. New jobless claims paid traditionally by the states roseate by 11,000 to 362,000 successful the 7 days ended Sept. 25, the authorities said Thursday.

Economists polled by The Wall Street Journal had estimated caller claims would full a seasonally adjusted 330,000.

“Though jobless claims ticked up yet again, play labour marketplace information tin beryllium tricky to digest conscionable due to the fact that determination is simply a batch of it and it’s surely bounced astir a batch passim the pandemic,” wrote Mike Loewengart, managing manager concern strategy astatine E-Trade Financial, successful emailed remarks.

“The extremity of Federal pandemic unemployment benefits earlier successful the period besides apt drove an summation successful filings for authorities benefits. So the marketplace whitethorn instrumentality this 1 portion of the information successful stride arsenic we hold for the reads adjacent week, particularly since the large summons point close present is the indebtedness ceiling,” Loewengart wrote.

Meanwhile, an updated speechmaking of second-quarter maturation showed that the U.S. system grew astatine a 6.7% yearly pace, arsenic the U.S. got a large jolt successful the outpouring from authorities stimulus payments and coronavirus vaccines allowed businesses to reopen. The emergence successful user spending was somewhat faster astatine 12% and exports were revised to amusement a 7.6% summation alternatively of 6.6%

Separately, a measurement of concern conditions successful the Chicago portion slipped successful September to the lowest level successful 7 months, a commercialized radical said Thursday. The Chicago Business Barometer, also known arsenic the Chicago PMI, slowed to 64.7 successful September from 66.8 successful the anterior month. The scale has been moderating from a grounds precocious of 75.2 successful May.

Which companies are successful focus?

• Virgin Galactic Holding Inc. SPCE, +12.85% shares are up 14%, aft the space-tourism institution announced the extremity of an Federal Aviation Administration probe into its trial formation with laminitis Richard Branson connected board.
• CarMax Inc. KMX, -10.36% shares traded 11% little aft the car retailer reported a 4% drop successful second-quarter nett income to $1.72 a share, which fell abbreviated of Wall Street expectations.
• Boeing BA, -1.93% was down 1.5%, adjacent arsenic Bernstein analysts upgraded the institution and Spirit Aerosystems Holdings Inc. SPR to outperform connected Wednesday and said they expect planetary postulation and craft request to commencement to amended arsenic COVID-19 vaccines statesman to beryllium administered successful astir large markets.
• Goldman Sachs GS, -1.40% was down by 1%, with the fiscal services institution weighing connected the Dow industrials, on with a 0.9% diminution successful home-improvement retailer Home Depot Inc. HD, -2.31%.
• Bed Bath & Beyond BBBY, -21.22% slumped aft the retailer reported fiscal second-quarter nett and income that missed expectations and gave guidance beneath Street consensus.
• Facebook FB, +0.29% shares fell conscionable into the reddish midday arsenic the societal media elephantine faced its long-awaited grilling connected Capitol Hill with elected officials teeing disconnected connected executives for failing to support kids connected its platform, 1 time aft its erstwhile information main tweeted that “Young teens shouldn’t beryllium connected societal media.”

How are different assets trading?

• The 10-year Treasury note TMUBMUSD10Y, 1.517%  was yielding 1.54% small changed from its Wednesday level.
• The ICE U.S. Dollar Index DXY, a measurement of the currency against a handbasket of six large rivals, was flat, holding astatine 94.319, the highest level successful astir a year.
• Oil futures eased back, with the U.S. benchmark CL00, +1.28% dropping 1.7% to $73.49 a barrel, portion planetary benchmark Brent BRN00, +1.25% declined 1.5% to $76.97.
• In European equities, the Stoxx Europe 600 scale SXXP, -0.05% traded 0.2% little and the FTSE 100 scale UKX, -0.31% pulled backmost 0.3%. In Asia, the Nikkei 225 scale NIK, -0.31% slipped 0.3%, the Hong Kong Hang Seng Index HSI, -0.36% slipped 0.3% and China’s CSI 300 scale 000300, +0.67% roseate 0.6%.