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Stock market news live updates: Wall Street tumbles after Fed, jobless claims; tech stocks slide anew

Stocks tumbled sharply on Thursday, as caution returned to the market in the wake of the Federal Reserve’s decision to keep monetary policy loose for the immediate future, and new data suggested the rebound was losing momentum.

860,000 workers filed unemployment claims in the latest period, but that figure remained below 1 million for a third straight week. In a partly encouraging sign, continuing claims — a closely watched metric of the labor market’s health in real time — fell below 13 million. However, new housing starts fell sharply last month, new data showed, a worrying sign that the hot housing market could be losing momentum despite record low interest rates.

On Wednesday, the Fed signaled that near-zero interest rates would remain for at least the next three years, as the US economy continues to face risks around the ongoing pandemic. The Federal Open Market Committee’s newly issued expectation for interest rates to remain near zero until at least the end of 2023.

Fed officials upgraded their economic projections for this year, and now anticipate a shallower decline in real GDP and a lower unemployment rate by year-end versus their early-summer projections.

Still, officials suggested that the quicker-than-expected early economic recovery could be jeopardized in absence of further fiscal stimulus.

said in remarks Wednesday.” data-reactid=”25″>“The fiscal policy actions that have been taken thus far have made a critical difference to families, businesses, and communities across the country. Even so, the current economic downturn is the most severe in our lifetimes,” Fed Chair Jerome Powell said in remarks Wednesday.

“It will take a while to get back to the levels of economic activity and employment that prevailed at the beginning of this year, and it may take continued support from both monetary and fiscal policy to achieve that,” the central banker added.

coronavirus relief package.

“While there has been continued posturing among officials in Washington regarding a new economic relief measure, the millions of Americans looking for help have nothing to show for it,” said Bankrate.com’s senior economic analyst Mark Hamrick.

“In addition, a federal government shutdown looms October 1 unless Congress and the President approve new funding. If officials let that happen, they’ll be adding financial insult to injury caused by the pandemic,” he added.

retail sales growth slowed for a fourth straight month in August.

AMZN), Facebook (FB) and Apple (AAPL) ticked higher Wednesday evening after dropping during the regular session, with major tech shares having renewed last week’s declines.

SNOW) and JFrog (FROG) each steadied in late trading after surging in their public debuts, as investors embraced a fresh set of high-growth software names.

Here were the main moves in markets as of 9:30 a.m. ET:

  • S&P 500 (^GSPC): 3,332.59, -52.90 (-1.56%)

  • Dow (^DJI): 27,681.27,-351.11 (-1.25%)

  • Nasdaq (^IXIC): 10,834.97, -215.50 (-1.95%)

  • Crude (CL=F): $39.89 per barrel, -$0.27 (-0.67%)

  • Gold (GC=F): $1,941.70 per ounce, -$28.80 (-1.46%)

  • 10-year Treasury (^TNX): -0.03 bps to yield 0.656%

9:00 a.m. ET: Housing starts slump in August

showing signs of cooling off, as the Commerce Department reported that Americans broke ground on fewer houses last month.

Housing starts dropped 5.1% to a seasonally adjusted annual rate of 1.416 million units last month, while July’s data was revised slightly lower to a 1.492 million-unit pace from the previously reported 1.496 million.

grew yet again last week, with 860,000 first-time unemployment benefits filed last week. The number rose slightly from the prior week’s level, but stayed below 1 million for the 3rd consecutive week. In a more encouraging sign, continued claims dipped below 13 million. Stock futures are still indicating a rough day on Wall Street, with benchmarks off by over 1%.

Here were the main moves in equity markets, as of 6:17 p.m. ET Wednesday:

  • S&P 500 futures (ES=F): 3,346.75, -42.75 (-1.26%)

  • Dow futures (YM=F): 27,811.00, -243.00 (-0.87%)

  • Nasdaq futures (NQ=F): 11,047.25, -221.50 (-1.97%)

6:17 p.m. ET Wednesday: Stock futures open slightly higher

Here were the main moves in equity markets, as of 6:17 p.m. ET Wednesday:

  • S&P 500 futures (ES=F): 3,395.00, up 5.5 points or 0.16%

  • Dow futures (YM=F): 28,099.00, up 45 points or 0.16%

  • Nasdaq futures (NQ=F): 11,292.75, up 24 points, or 0.21%

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., October 30, 2019. REUTERS/Brendan McDermid

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