Wall St falls as recession fears rise after jobless claims data

 As a simulated intelligence language model, I don't have continuous data, yet I can give you an overall reaction in light of the data accessible until my insight cutoff date in September 2021.

In the event that Money Road falls because of rising downturn fears after jobless cases information, it very well may be because of a few reasons. Jobless cases information, which shows the quantity of individuals petitioning for joblessness benefits, is many times considered as a critical monetary pointer. On the off chance that jobless cases information shows a critical increment, it might demonstrate that more individuals are losing their positions, which could be deciphered as an indication of monetary shortcoming or a possible downturn.

Financial backers on Money Road might respond to this news by auctioning off stocks and different speculations, as they might expect decreased customer spending, lower corporate benefits, and an overall monetary lull. This negative opinion might make stock costs decline, prompting a fall in the general financial exchange.

Furthermore, rising downturn fears may likewise prompt expanded unpredictability in the monetary business sectors, as financial backers might be more careful and risk-opposed. This could additionally add to the decrease in stock costs as financial backers might look for more secure speculations like bonds or money.

It's vital to take note of that financial exchanges can be impacted by different variables, including monetary information, international occasions, financial backer opinion, and market elements, among others. Subsequently, a solitary piece of information, like jobless cases information, may not be the sole determinant of securities exchange developments, and it's dependably fitting to consider a scope of variables while breaking down monetary business sectors. Talking with a certified monetary expert or leading your own careful examination is suggested for pursuing informed venture choices.

By Ankika Biswas and Amruta Khandekar

(Reuters) - 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.

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 (NASDAQ:AAPL), Tesla (NASDAQ:TSLA) Inc and Nvidia (NASDAQ:NVDA) Corp fell between 0.9% and 2.1% in early trading, while bond yields inched higher.

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

A string of recent reports, including weak data on private payrolls and job openings earlier this week, have suggested slowing labor demand and raised hopes of a pause in the Federal Reserve's market-punishing rate hikes.

However, unlike in the last few months when evidence of a cooling economy was cheered by investors on hopes it would allow for a less hawkish Fed, softer data has added to fears of a recession and pressured equities in recent days.

"The last strongholds of the economy are beginning to weaken and that signals recession," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

"The labor market is beginning to weaken and that's basically playing into the hands of the Fed."

The S&P 500 and the tech-heavy Nasdaq are headed for weekly declines for the first time in four weeks.

All eyes will now be on the more-comprehensive report on non-farm payrolls, which are expected to have increased by 239,000 in March, down from the 311,000 jobs added in the prior month.

The report is due on Friday, when the U.S. stock market will be shut for the Good Friday holiday.

Fed fund futures are indicating a 54.5% chance of the U.S. central bank pausing rate hikes in May with the remaining betting on a 25 basis point rate hike, according to CME Group's (NASDAQ:CME) Fedwatch tool.

A slew of major U.S. banks will kick off the first-quarter earnings season for big-ticket companies next week.

At 9:35 a.m. ET, the Dow Jones Industrial Average was down 38.64 points, or 0.12%, at 33,444.08, the S&P 500 was down 14.98 points, or 0.37%, at 4,075.40, and the Nasdaq Composite was down 89.02 points, or 0.74%, at 11,907.84.

Among major stock moves, AMC Entertainment (NYSE:AMC) Holdings Inc jumped 8.6% after a U.S. court denied the theater operator's request to lift a status quo order necessary for its stock conversion plan.

Levi Strauss & Co (NYSE:LEVI) fell 12.7% after the apparel maker posted a fall in quarterly profit.

Declining issues outnumbered advancers for a 1.10-to-1 ratio on the NYSE and for a 1.45-to-1 ratio on the Nasdaq.

The S&P index recorded 5 new 52-week highs and no new lows, while the Nasdaq recorded 14 new highs and 66 new lows.