Nasdaq falls 1.7%, Dow little changed
Lululemon, Broadcom, Costco and Oracle are set to report earnings
U.S. stocks fell after three days of gains despite a drop in weekly jobless claims.
The Nasdaq Composite dipped 1.7%, while the S&P 500 fell 0.7% and the Dow Jones Industrial Average ended flat after bouncing between losses and gains.
|I:DJI||DOW JONES AVERAGES||32602.72||+208.47||+0.64%|
|I:COMP||NASDAQ COMPOSITE INDEX||11875.919646||+159.84||+1.36%|
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The Labor Department reported new claims for unemployment benefits for last week fell to 184,000, the lowest since the 1950s. Continuing claims, which track the total number of unemployed workers collecting benefits, came in at 1.9 million.
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Investors are also waiting for U.S. inflation data that might influence the Federal Reserve's decision on when to roll back economic stimulus. That report on consumer prices comes on Friday. Separately, Adobe reported online inflation hit a record high of 3.5% with prices rising for 11 of 18 items.
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Fed officials meet next week for the last time in 2021. They said earlier they were ready to act if needed after inflation hit a 30-year high of 6.2% in October.
In stocks, CVS shares moved higher after hiking its dividend and offering a better-than-expected 2022 revenue forecast as the health care giant prepares to dive deeper into providing more options for customers including in-store medical services.
|CVS||CVS HEALTH CORP.||73.12||-0.45||-0.61%|
|WBA||WALGREENS BOOTS ALLIANCE INC.||33.82||+0.88||+2.67%|
Apple reversed after hitting another fresh record.
GameStop shares are in focus as reporting a mixed quarter and no major initiatives sending shares lower.
Amazon may see some pressure after receiving a fine of over $1 billion from Italy on antitrust issues.
Lucid Motors shares slipped after announcing it will offer $1.75 in corporate debt to help fund "Eligible Green Investments."
|LCID||LUCID GROUP INC.||7.55||-0.59||-7.25%|
Companies reporting earnings Thursday include, Lululemon, Broadcom, Oracle and Costo.
|LULU||LULULEMON ATHLETICA INC.||361.35||+41.04||+12.81%|
|COST||COSTCO WHOLESALE CORP.||486.77||-6.45||-1.31%|
Oil also pulled back by 1% trading around the $71 per barrel level.
|USO||UNITED STATES OIL FUND L.P.||64.22||-0.31||-0.48%|
In Europe, London's FTSE added 0.3%, Germany's DAX gained 0.4% and France's CAC rose 0.2%.
In Asia, the Nikkei 225 in Tokyo lost 0.5%, the Hang Seng in Hong Kong advanced 1.1% and China's Shanghai Composite Index rose 1% after Chinese producer price inflation eased to 12.9% over a year earlier from October's 13.5% as prices of coal and metals fell.
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FOX Business' Ken Martin and The Associated Press contributed to this report.