With traders seemingly reluctant to make any significant moves ahead of tomorrow's monthly jobs report, stocks are turning in a lackluster performance in early trading on Thursday. The major averages have turned mixed on the day after ending the previous session firmly in positive territory.
The major averages currently remain stuck on opposite sides of the unchanged line, with the Nasdaq up 4.48 points or 0.2 percent at 2,852.75, while the Dow is down 14.38 points or 0.1 percent at 12,702.08 and the S&P 500 is down 0.14 points or less than a tenth of a percent at 1,323.95.
Upbeat employment data contributed to some initial strength on Wall Street, with a report from the Labor Department showing a bigger than expected drop in initial jobless claims in the week ended January 28th.
The report showed that jobless claims dipped to 367,000 from the previous week's revised figure of 379,000. Economists had expected jobless claims to edge down to 370,000 from the 377,000 originally reported for the previous week.
Buying interest waned not long after the open, however, as traders looked ahead to the release of the Labor Department's more comprehensive report on the employment situation on Friday.
Traders are also waiting on remarks from Federal Reserve Chairman Ben Bernanke, who is due to testify before the House Budget Committee.
While most of the major sectors are showing only modest moves, notable strength is visible among telecom stocks. Qualcomm (QCOM) is posting a standout gain after reporting better than expected first quarter results and providing upbeat guidance.
On the other hand, health insurance and healthcare provider stocks have come under pressure in early trading, with the Morgan Stanley Healthcare Payor Index and the Morgan Stanley Healthcare Provider Index both down by 1.1 percent.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Thursday, benefiting from the optimism seen on Wall Street overnight. Japan's Nikkei 225 Index advanced by 0.8 percent, while Hong Kong's Hang Seng Index surged up by 2 percent.
The major European markets have also moved to the upside over the course of the trading day. While the U.K.'s FTSE 100 Index is up by 0.1 percent, the French CAC 40 Index and the German DAX Index are up by 0.2 percent and 0.3 percent, respectively.
In the bond market, treasuries have moved modestly higher, partly offsetting the pullback seen in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.6 basis points at 1.83 percent.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.