Cyclical stocks lifted the Dow Jones Industrial Average off its low on Thursday to close the session near the flatline, while better-than-expected labor market data helped support sentiment.

The S&P 500 declined 0.4% to 4,192.85. The benchmark S&P 500 sits about 1% from its all-time high reached earlier last month, but it has been stuck around these levels for about the last two weeks. The S&P 500 is up more than 11% this year so far.

On the data front, private job growth for May accelerated at its fastest pace in nearly a year as companies hired nearly a million workers, according to a report Thursday from payroll processing firm ADP.

Meanwhile, first-time claims for unemployment benefits for the week ended May 29 totaled 385,000, versus a Dow Jones estimate of 393,000. It also marked the first time that jobless claims fell below 400,000 since the early days of the pandemic.

Plan A : Long if market supported firm above 4186. Targets are 4202, 4218 and 4233.

Plan B : Short if market failed to support above 4186. Targets are 4160, 4133 and 4109.

 

U.S. stocks fell Thursday as fresh weekly data showed a continued recovery in the labor market and traders kept a close eye on any potential policy shifts from the Federal Reserve.

The Nasdaq Composite lost 141.82 points, or 1%, to 13614.51, dragged down by the tech stocks that propelled the market higher during the pandemic.

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Plan A : Remain buy as long as oil price trades firmly above 68.0. Targets are 68.9 and 69.5.

Plan B : Consider short if oil price surges but fails to breach above 69.5. Targets are 68.9 and 68.0.