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Wall St falls as recession fears rise after jobless claims data

06 April 2023 19:43 (UTC +04:00)

Wall Street's main indexes fell on Thursday as latest labor market data pointed to slowing economic growth due to rapid interest rate hikes, with risk-wary investors looking forward to monthly jobs data for a clearer picture of the economy, APA reports citing Reuters.

Initial jobless claims fell to a seasonally adjusted 228,000 for the week ended April 1, a Labor Department report showed, but the prior week data was revised to show 48,000 more applications were received.

Economists had expected 200,000 claims for the latest week.

Major technology and growth stocks such as Apple Inc (AAPL.O), Tesla Inc (TSLA.O) and Nvidia Corp (NVDA.O) fell between 0.9% and 2.1% in early trading, while bond yields inched higher.

The information technology sector (.SPLRCT) was the biggest sectoral loser on the S&P 500 as investors piled into defensive stocks such as healthcare (.SPXHC) and utilities