Yesterday was not a good day for the markets. The S&P 500 lost 1.23% on Thursday, and the Dow lost 1.20%. Meanwhile, tech and Bitcoin-related stocks also had a bad day, with Qualcomm (QCOM) and Strategy (MSTR) down 8% and 17%, respectively.
The good news for investors is that the index is up nearly 0.9% as I write this, an hour into Friday trading. The bad news is that the labor market is looking weaker by the day. The U.S. Labor Department’s latest data showed that the number of people filing for initial jobless claims increased by 22,000 in the past week to 231,000, the highest level in the past eight weeks, and 19,000 higher than expected.
