U.S. Market Dips Amid Payroll Report Anxiety and Middle Eastern Tensions

U.S. stocks closed lower on Thursday as investors awaited a critical payrolls report and monitored Middle Eastern tensions. A marginal rise in unemployment claims, coupled with potential effects from a hurricane and port strikes, added uncertainty. A key economic metric indicated strong service sector performance, despite volatility from market concerns.

U.S. stocks witnessed a downturn on Thursday, closing lower as investors anticipated Friday's crucial U.S. payroll report. The financial community remained on edge with escalating tensions in the Middle East further adding to market unrest.

Thursday's data revealed a slight increase in new unemployment claims amidst disruptions like Hurricane Helene and ongoing port strikes, which could skew labor market data in the short term. Investors eagerly await more insight into the labor market post the Federal Reserve's recent interest rate cut.

The S&P 500 fell by 0.17%, while the Nasdaq and Dow also reported losses. Despite this, the S&P 500 has shown a 19% increase year-to-date. Concerns over rising oil prices and potential regional conflict in the Middle East, which could threaten global oil supply, have contributed to a spike in energy sector stocks.

(With inputs from agencies.)