Wall Street looked set to open little changed on Thursday

reuters-Wall Street looked set to open little changed on Thursday, a day after the S&P 500 index suffered its biggest fall in two months, putting a damper on a post-election rally. A report showed the number of Americans applying for jobless claims fell by 10,000 to 265,000 last week, indicating sustained strength in the labor market. U.S. equities had been enjoying a rally since the presidential election in November on bets that Donald Trump would introduce tax cuts, deregulation and higher infrastructure spending that would spur economic growth. Wall Street little changed The near two-month rally has seen the three main Wall Street indexes rack up double-digit percentage gains, but has left some market participants nervous about a potential correction. The S&P 500 index suffered its biggest one-day percentage drop on Wednesday, following weak housing data and losses in the technology sector. The triple-digit loss on the Dow pulled it further away from its march toward 20,000. “The markets are trading in a full-blown holiday mood, with little direction on either side of the equation,” Peter Cardillo, chief market economist at New York’s First Standard Financial wrote in a note. Dow e-minis 1YMc1 were up 3 points, or 0.02 percent at 8:30 a.m. ET, with 15,774 contracts changing hands. S&P 500 e-minis ESc1 were up 1.5 points, or 0.07 percent, with 73,460 contracts traded. Nasdaq 100 e-minis NQc1 were up 1.25 points, or 0.03 percent, on volume of 12,695 contracts. The dollar index .DXY fell 0.37 percent on Thursday after a sharp rise this month. U.S. crude prices were off 0.15 percent after data showed a surprise rise in U.S. inventories. [O/R] Nvidia’s (NVDA.O) shares fell nearly 3 percent to $106.06 in heavy premarket trading, setting the stock up for a second straight day of losses after short-seller Citron Research tweeted that the chipmaker’s stock could fall to $90 in 2017. Shares of Advanced Micro Devices (AMD.O), Nvidia’s rival, were off 2.6 percent. Cempra (CEMP.O) dropped 46.7 percent to $3.25 after the drug developer said the U.S. Food and Drug Administration rejected its antibiotic treatment for pneumonia.

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