US stock markets are in the red – job cuts burden Microsoft

new York Recession fears pushed the US stock markets back into the red on Thursday. The Dow Jones index of standard values ​​closed 0.8 percent lower at 33,044 points. The tech-heavy Nasdaq fell one percent to 10,852 points. The broad S&P 500 lost 0.8 percent to 3898 points.

The latest economic data showed a slowdown in the US home construction business – even if it was a little less pronounced than analysts had feared. “The housing market is in recession,” said Edward Moya, market analyst at brokerage firm Oanda. Meanwhile, initial jobless claims fell surprisingly. Investors had hoped that a cooling labor market would prompt the US Federal Reserve to make smaller interest rate hikes. “At the same time, corporate earnings look weak and point to a recession,” said Sam Stovall, chief investment strategist at research firm CFRA in New York. “Corporate earnings are expected to decline in the fourth quarter of 2022 and the first two quarters of 2023.”