Trading on Wall Street kicked off in negative territory on Thursday following the release of new jobs reports. According to the latest ADP report, US companies added 978,000 jobs in May, while initial jobless claims fell by 20,000 last week to 385,000.
With more economic data on the way, traders remained focused on the post-pandemic recovery and hints from Federal Reserve officials on when to expect an adjustment to current monetary policy.
The Dow was down 0.42% in the first moments of the session before dropping 219 points led lower by Merck &Co., Boeing and Intel. The S&P 500 fell 0.55% with United Airlines among the weakest performers. Meanwhile, the Nasdaq 100 lost 0.85% at the open as software company Splunk plunged over 6%. The euro declined 0.49% against the dollar at 9:35 am ET, buying 1.21518.