NEW YORK (MarketWatch) — The U.S. stock market ended Thursday’s choppy trade generally lower as traders stuck to the sidelines ahead of the key jobs report due Friday morning.
Consumer spending and ISM reports were better than expected, while jobless claims and construction spending missed forecasts.
The S&P 500
SPX -0.01% ended the day less than a point lower at 1,883.68. The Dow Jones Industrial Average
DJIA -0.13% lost 21.97 points, or 0.1%, to 16,558.87, retreating from the record closing level reached on Wednesday. The Nasdaq Composite
COMP +0.31% added 12.9 points, or 0.3% to 4,127.45.
Discuss key earnings announcements before and after results come in.
Learn more
Nicholas Colas, chief market strategist at ConvergEx Group, a global brokerage company based in New York, described the markets as ‘faith-based’.
“Markets are mirroring the economy and investors are putting a lot of faith in big improvements in the second half,” Colas said.
Spending, manufacturing improve
“This report screams ‘Easter seasonal adjustments,’ so we are inclined to ignore it. What matters is where claims settle over the next few weeks, as the Easter hit fades,” wrote Ian Shepherdson, chief economist at Pantheon Macroeconomics.
Outlays for U.S. construction projects rose 0.2% in March to a seasonally adjusted annual rate of $942.5 billion, led by private residential projects, the U.S. Commerce Department reported Thursday.
Yelp rallies, Motorola falls
In earnings news, shares of Yelp Inc.
YELP -0.34% rallied 9.8% after the online-review company said after the closing bell on Wednesday that revenue jumped to $76.4 million in the first quarter, from $46.1 million.
Motorola Solutions Inc.
MSI -1.46% first-quarter net earnings came in slightly below expectations, as sales dropped. The company also projects revenue decline in the second quarter. Shares fell 1.5%.
In other financial markets, trading in Asia and Europe was muted as most bourses were closed to observe the May Day holiday.
Gold prices fell
GCM4 +0.12% , while oil prices
CLM4 +0.45% moved further below the $100-a-barrel level.
More must-reads from MarketWatch:
Anora Mahmudova is a MarketWatch markets reporter based in New York.