US stocks have closed modestly lower as investors digested a series of economic data ahead of Friday’s big jobs report for March.
The Dow Jones Industrial Average closed flat on Thursday, down a scant 0.45 point at 16,572.55.
The broad-based S&P 500 slipped 2.13 (0.11 per cent) from Wednesday’s record close to 1,888.77, while the tech-rich Nasdaq Composite Index slid 38.72 (0.91 per cent) to 4,237.74.
The main indices had opened with small gains but quickly slipped into negative territory.
“The Street may be cautious ahead of tomorrow’s non-farm payroll report,” Charles Schwab & Co said.
The Labor Department is expected to show the US economy added 195,000 jobs in March, up from 175,000 in February, and the unemployment rate ticked down to 6.6 per cent from 6.7 per cent.
Economic data were mixed. The services sector’s activity partly rebounded from a steep February fall, the US trade deficit widened more than expected and weekly initial unemployment claims rose.
A report that Citigroup faces a criminal probe over a $US400 million ($A433.79 million) fraud at its Mexico unit shaved 1.2 per cent off the stock.
Nasdaq tech giant Apple shed 0.7 per cent.
US technology giant Google Thursday exited the rarefied club of $1,000 stocks after a two-to-one stock split. The group of “A” shares, trading under the “GOOGL” ticker, gained 0.6 per cent at $US571.50. The new class of non-voting “C” shares, under the ticker “GOOG,” rose 0.5 per cent to $US569.74.
Juniper Networks, a software and data network company, gained 1.7 per cent after disclosing a plan to trim worldwide headcount by six per cent.
Internet radio service Pandora reported that active listeners at the end of March were 75.3 million, an increase of eight per cent from the year-ago period. Shares plunged 5.1 per cent.
Liquidity Services, an online auction marketplace, fell almost 12.0 per cent after a disappointing result in a Defense Logistics Agency procurement competition. Bank of America said Liquidity lost an auction to a competitor for a contract tied to the supply vehicles and trailers.
Anadarko Petroleum said it will pay $US5.1 billion to settle billions in environmental claims against Kerr-McGee, an oil company it acquired in 2006. The stock jumped 14.5 per cent.
Bonds rallied. The yield on the 10-year US Treasury fell to 2.79 per cent from 2.80 per cent on Wednesday, while the 30-year declined to 3.63 per cent from 3.65 per cent. Bond prices and yields move inversely.
