Stocks Finish Lower Ahead of Jobs Report
NEW YORK (TheStreet) -- A mixed batch of economic data sent stocks lower on Thursday as Wall Street showed some apprehension ahead of Friday's big April jobs report.
Weekly initial jobless claims came in better than expected this morning, sending futures higher, but the optimism quickly faded. The majority of the other early headlines were negative as a report on activity in the U.S. services sector was disappointing and same-store sales for last month came in relatively soft.
In addition, the European Central Bank left interest rates unchanged but commentary around the decision seemed to quash hopes for more near-term stimulus for the region.
The Nasdaq suffered the most dramatic pullback, falling 36 points, or 1.2%, to finish at 3024.30. Apple(AAPL) was a drag, losing 0.7%. Based on Thursday's close at $581.82, the stock is down nearly 10% since hitting an all-time high of $644 on April 10.
The epic plunge in Green Mountain Coffee Roasters(GMCR) was also a factor for the Nasdaq as the stock, a component of the Nasdaq 100, dropped nearly 50% on volume of more than 87 million after a disappointing quarterly report and outlook.
Breadth within the Dow was negative with 23 of the index's 30 components in decline. The biggest percentage losers were Alcoa(AA) , Bank of America(BAC) , Caterpillar(CAT) , Chevron(CVX) , Hewlett-Packard(HPQ) , and Intel(INTC) .