NEW YORK (AP) — Most U.S. stocks fell Thursday following a mixed round of data on the economy, keeping them on track for their worst week since April.
The S&P 500 slipped 0.3% for a third straight drop, and the Dow Jones Industrial Average lost 219 points, or 0.5%. The Nasdaq composite held up better than the rest of the market and added 0.3% thanks to gains for Tesla and a handful of other Big Tech stocks.
Treasury yields also slipped a bit in the bond market following the mixed economic reports. One suggested U.S. companies slowed their hiring last month, falling well short of economists’ forecasts for an acceleration. Another report, though, said fewer U.S. workers filed for unemployment benefits last week than expected. That’s an indication layoffs remain low.
A report released later in the morning offered more optimism, saying growth for businesses in the finance, health care and other services industries was stronger last month than economists expected.
“Generally, business is good,” one respondent said in the survey compiled by the Institute for Supply Management. “However, there are concerns of slowing foot traffic at restaurants and other venues where our products are sold.”
Stocks have struggled this week after another dud of a report on U.S. manufacturing reignited worries about the slowing U.S. economy and how much it could hurt corporate profits. That has raised the stakes for a highly anticipated report scheduled for Friday.
That’s when the U.S. government will say how many jobs U.S. employers added last month, and economists are expecting an acceleration of hiring. The job market’s performance could dictate how big of a cut to interest rates the Federal Reserve will deliver at its next meeting later this month.
After keeping its main interest rate at a two-decade high to stifle inflation, the Federal Reserve has hinted it’s about to begin cutting rates in order to protect the job market and keep the overall economy from sliding into a recession. The question on Wall Street is if that ends up being too little, too late.
In the bond market, the yield on the 10-year Treasury eased to 3.73% from 3.76% late Wednesday. It’s down from 4.70% in April, which is a significant move for the bond market.
Perhaps more importantly for investors, the 10-year yield is flirting with the end of a more than two-year stretch where it was lower than the two-year Treasury yield. That’s an unusual occurrence called an “inverted yield curve.” Usually, longer-term yields are higher than shorter-term yields.
Many investors see an inverted yield curve as a warning of a coming recession, and the inversion since the summer of 2022 has been a key talking point for market pessimists. Often, an inverted yield curve flips back to normal ahead of a recession as traders cement their expectations for coming cuts to interest rates by the Fed. But the 2020 pandemic created a recession and resulting recovery that have often defied predictions and conventional wisdoms.
The two-year Treasury yield was sitting at 3.74%, just above the 10-year yield.
On Wall Street, Old Dominion Freight Line fell to one of the sharpest losses in the S&P 500 after reporting discouraging revenue trends for August. It cited “softness in the domestic economy,” along with lower fuel surcharge revenue for the weakness. The freight company’s stock fell 4.9%.
Verizon’s stock slipped 0.4% after it announced it’s buying Frontier Communications in a $20 billion deal to strengthen its fiber network. Frontier Communications, which soared nearly 38% the day before, gave back 9.5%.
On the winning end of Wall Street was Tesla. It rose 4.9% after laying out a roadmap for upcoming artificial-intelligence developments, including the possibility of full self-driving in Europe and China.
JetBlue Airways flew 7.2% higher after raising its forecast for revenue in the summer. It said it’s seeing better performance in the Latin America region particularly and that it picked up business when technology outages in July forced rivals to cancel flights.
All told, the S&P 500 dipped 16.66 points to 5,503.41. The Dow dropped 219.22 to 40,755.75, and the Nasdaq composite rose 43.36 to 17,127.66.
In stock markets abroad, indexes were mixed across Asia and Europe.
Japan’s Nikkei 225 fell 1.1% after strong data on growth in wages there raised expectations for another hike to interest rates.
AP Writers Matt Ott and Zimo Zhong contributed.
FILE - Signs at the intersection of Broad and Wall Streets stand near flags flying from the New York Stock Exchange on Sept. 4, 2024, in New York. (AP Photo/Peter Morgan, File)
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 5, 2024. (AP Photo/Ahn Young-joon)
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 5, 2024. (AP Photo/Ahn Young-joon)
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 5, 2024. (AP Photo/Ahn Young-joon)
NEW YORK (AP) — The 76th Primetime Emmy Awards are over, with “Shogun” claiming the top drama prize and “Hacks” winning best comedy.
The hosts, father-son duo Eugene and Dan Levy, opened the show Sunday night. They won Emmys at the 2020 awards for “Schitt’s Creek.”
“Shogun,” “The Bear” and “Baby Reindeer” were favorites going into the night. “Shogun” emerged with the top drama prize and “Baby Reindeer” snagged the limited series trophy. “Shogun″ extended its lead for most wins by a show in a single season, collecting 18 Emmys this year.
But “Hacks" emerged as the top comedy series, denying “The Bear” a comedy series repeat.
The Emmys are back in their traditional mid-September spot after a single strike-delayed edition in January.
The show began at 8 p.m., Eastern time, and is airing on ABC from the Peacock Theater in downtown Los Angeles.
Here's the latest:
“I’m blessed with all the people around me who helped me make it happen. I kind of just feel a bit overwhelmed right now. I wasn’t expecting this,” Richard Gadd said backstage after his three wins for “Baby Reindeer.” “I’m just so glad that the show has touched the lives of so many people, and the Academy have acknowledged it in this way. It’s the greatest night of my life. What can I say?”
Gadd also initially declined to answer a question about the $170 million defamation lawsuit Netflix is facing for the show, but then spoke to its impact. The lawsuit comes from the woman who claims to be the inspiration for the series, which is based off of Gadd’s life and experience with a woman who stalked him.
“It’s easy in this day and age to focus on the negatives,” he said before saying the show has driven some viewers to donate to sexual assault and stalking-focused charities and has done “phenomenal things worldwide for so many people.”
Hiroyuki Sanada is the first Japanese actor to win the Emmy for best actor in a drama.
“I am beyond honored to be here with amazing nominees,” he said. “‘Shogun’ taught me when we work together, we can make miracles. We can create a better future together.”
Sanada received a standing ovation from the crowd.
Anna Sawai is the first Japanese actor to win best actress in a drama. The actor, who is a first-time nominee, was tearful throughout her speech.
“I was crying before my name was announced. I’m a mess today,” she said.
“This to all the women who expect nothing and continue to be an example for everyone,” she added.
“Shogun” also won best drama series.
John Oliver, who won scripted variety series for "Last Week Tonight with John Oliver,'' said he was ‘honestly’ happy to get the cue to wrap up when he mentioned his dog during his acceptance speech.
“I’m not well versed in sincerity, as a British person and as a comedian, so I didn’t really want to get upset and thankfully, whoever was on that board, I think said, ‘You can’t carry this off’ and walked me straight into a joke. So, I’m very, very grateful that they gave me the parachute so I could avoid my feelings once more. But yeah, we had a great dog, and we had to say goodbye this week, and it’s brutal,” he said backstage.
In his acceptance, Oliver dedicated his Emmy to his recently deceased dog — and “all dogs.” He quarreled with the play-off music in a bleeped exchange.
Lamorne Morris, star of “Fargo,” is taking home his first Emmy award on his first nomination.
The “New Girl” star was clearly flustered as he accepted the award, saying he has a poster of fellow nominee Robert Downey Jr. in his house and asked him to sign it.
“My beautiful daughter, Lily. I love you. I told you I would do it. You’ve always doubted me,” he joked.
The breakout star from Netflix’s most recent season of “Bridgerton,” Nicola Coughlan added an Artists4Ceasefire red pin to her glittering off-the-shoulder gown. Coughlan has been outspoken in supporting Palestinians and calling for a cease-fire.
Actors across the award season have been wearing the Artists4Ceasefire red pin with a hand holding a heart to demand a cease-fire in Gaza and a release of the Israeli hostages.
Ahead of the premiere of the 50th season of “Saturday Night Live” on Sept. 28, cast members from the sketch show’s storied history have gathered for an unforgettable reunion.
Former members Kristen Wiig, Maya Rudolph and Seth Meyers joined current regular Bowen Yang onstage.
The segment leans into the January Emmys’ nostalgia-laden programming, which included Tina Fey and Amy Poehler presenting an award in the style of SNL’s famed “Weekend Update,” along with the casts of “Cheers,” “Martin” and other hit shows reuniting.
Jessica Gunning, who haunts as stalker Martha on “Baby Reindeer,” accepts the Emmy for her performance from a group of actors who have portrayed iconic villains in a fitting pairing. She got emotional as she thanked Richard Gadd, the star and creator of the series.
“I tried so many times to put into words what working on ‘Baby Reindeer’ meant to me and I fail every time,” she said. “It really means a lot. So, thank you, reindeer.”
“Today, a Republican vice president would never attack a woman for having kids. So, as they say, my work here is done,” Candice Bergen wryly said before presenting the lead actress in a comedy series award.
She was referring to her Murphy Brown character being attacked by then-Vice President Dan Quayle for being a single mom.
Her subsequent “meow” got a big laugh and applause from the audience, including Jon Stewart.
For more on this year’s Emmy Awards, visit: https://apnews.com/hub/emmy-awards
Richard Gadd accepts the award for outstanding lead actor in a limited or anthology series or movie for "Baby Reindeer" during the 76th Primetime Emmy Awards on Sunday, Sept. 15, 2024, at the Peacock Theater in Los Angeles. (AP Photo/Chris Pizzello)
Hiroyuki Sanada accepts the award for outstanding lead actor in a drama series for "Shogun" during the 76th Primetime Emmy Awards on Sunday, Sept. 15, 2024, at the Peacock Theater in Los Angeles. (AP Photo/Chris Pizzello)
Anna Sawai accepts the award for outstanding lead actress in a drama series for "Shogun" during the 76th Primetime Emmy Awards on Sunday, Sept. 15, 2024, at the Peacock Theater in Los Angeles. (AP Photo/Chris Pizzello)
Hosts Eugene Levy, left, and Dan Levy speak during the 76th Primetime Emmy Awards on Sunday, Sept. 15, 2024, at the Peacock Theater in Los Angeles. (AP Photo/Chris Pizzello)
