US Markets Decline Amid Nvidia Slump & Rising Jobless Claims

US equity markets closed lower on Thursday as investors weighed rising government bond yields and fresh uncertainty surrounding the artificial intelligence boom following the sudden departure of Nvidia CEO Jensen Huang. Traders remained cautious as the National Association of Realtors released a report showing a steep drop in existing home sales in the US in the month of October.

Index Performances

Major US indices recorded losses across the board during Thursday’s trading session, reflecting broad-based caution among investors navigating multiple economic pressures.

• Dow Jones Industrial Average decreased by 189.4 points, or 0.36 percent, to 52,297.09.
• Nasdaq was down by 100.09 points, or 0.39 percent, to 25,366.09.
• S&P 500 slipped by 26.98 points, or 0.35 percent, to 7,592.4.

Economic Data and Housing Market

The National Association of Realtors stated that existing home sales plunged by 5.5 percent to an annual rate of 3.75 million in October after jumping by 1 percent to a revised rate of 3.97 million in September. The street had expected existing home sales to tumble by 3.5 percent to an annual rate of 3.85 million from the 3.99 million originally reported for the previous month. Meanwhile, a report released by the Labor Department showed first-time claims for US unemployment benefits rebounded by more than expected in the week ended November 7.

• Initial jobless claims climbed to 200,000 for the week.
• The increase marked a rise of 9,000 from the previous week’s revised level of 191,000.
• The street had expected jobless claims to rise to 195,000 from the 189,000 originally reported for the previous week.

Following this negative performance in the US, global markets are showing mixed reactions, with Asian markets trading mostly higher on Friday as investors navigate these economic indicators.