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Stock market today: Dow leads losses as stock rally hits pause, bitcoin pulls back from record above $100,000
US stocks drifted lower on Thursday as investors waited for Friday's crucial jobs report and bitcoin ( BTC-USD ) slid after reaching a new high of over $103,000.
All three major averages were lower on Thursday after closing at records the day before. The Dow Jones Industrial Average ( ^DJI ) lost about 0.5%, while the S&P 500 ( ^GSPC ) fell 0.2%. Meanwhile, the tech-heavy Nasdaq Composite ( ^IXIC ) was also off about 0.2%.
Investors are counting down to Friday's monthly jobs report for a reality check on Jerome Powell's upbeat take on the strength of the US economy. While the Federal Reserve Chair said that means policymakers can move cautiously, he stopped short of challenging the market's belief in a December rate cut.
Traders have slightly pared their bets on easing, pricing in a 74% chance the Fed will cut by 25 basis points on Dec. 18, per the CME FedWatch tool . That compares to around 77% on Wednesday and 67% a week ago.
A strong print in November's nonfarm payrolls report on Friday could upend those bets. On Thursday, fresh data from the Department of Labor showed 224,000 initial jobless claims were filed in the week ending Nov. 30, up from 215,000 the week prior. The previous reading had been the lowest total of weekly claims since April.
Meanwhile, bitcoin ( BTC-USD ) rose to around $103,000 after breaking through the key $100,000 level late on Wednesday, before reversing course and trading around $99,000. The token's surge past the key level came after President-elect Trump picked Paul Atkins to chair the Securities and Exchange Commission.