Investing.com - U.S. stocks were lower on Thursday, as fears over the strength of Europe’s banking sector continued to weigh on market sentiment despite upbeat U.S. employment reports.
During early U.S. trade, the Dow Jones Industrial Average dropped 0.88%, the S&P 500 index retreated 0.85%, while the Nasdaq Composite index eased 0.38%.
Data showed that U.S. non-farm private employment increased more-than-expected in December, posting the largest monthly gain since December 2010.
In a separate report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week fell more than-expected, declining to 372,000, beating expectations for a fall to 375,000.
But the single currency remained under pressure after a report on Wednesday showed that that overnight deposits at the European Central Bank reached an all-time high this week, indicating that European banks remain unwilling to lend to each other.
U.S. lenders were broadly lower as shares in Goldman Sachs tumbled 1.73% and Citigroup plummeted 1.46%, while JPMorgan and Bank of America dropped 1% and 0.86% respectively.
Among retailers, Target plunged 3.68% after the company missed expectations and lowered its outlook for the fourth quarter, but Zumiez surged 9.72% after posting solid same-store sales results and boosted its earnings forecast.
Elsewhere, Pepsi slid 0.52% on reports the beverage giant may be considering slashing nearly 4,000 jobs and lowering pension contribution in an effort to raise earnings.
Meanwhile, shares in Eastman Kodak tumbled 9.36% following reports the firm is preparing a bankruptcy protection filing in case it is unable to sell its digital patents to raise capital.
On the upside, Mosaic added 2.81% after the fertilizer producer posted better-than-expected earnings.
Monsanto also contributed to gains, with shares climbing 3.51% after the agribusiness company topped profit estimates, helped by its growing business in South America and strong U.S. seeds orders ahead of spring planting.
Across the Atlantic, European stock markets were sharply lower. The EURO STOXX 50 plunged 1.59%, France’s CAC 40 plummeted 1.39%, Germany's DAX dropped 0.55%, while Britain's FTSE 100 tumbled 0.74%.
During the Asian trading session, Hong Kong's Hang Seng Index rallied 2.4%, while Japan’s Nikkei 225 Index remained closed for the extended New Year's holiday.
Later in the day, the Institute of Supply Management was to release a report on U.S. service sector activity.
During early U.S. trade, the Dow Jones Industrial Average dropped 0.88%, the S&P 500 index retreated 0.85%, while the Nasdaq Composite index eased 0.38%.
Data showed that U.S. non-farm private employment increased more-than-expected in December, posting the largest monthly gain since December 2010.
In a separate report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week fell more than-expected, declining to 372,000, beating expectations for a fall to 375,000.
But the single currency remained under pressure after a report on Wednesday showed that that overnight deposits at the European Central Bank reached an all-time high this week, indicating that European banks remain unwilling to lend to each other.
U.S. lenders were broadly lower as shares in Goldman Sachs tumbled 1.73% and Citigroup plummeted 1.46%, while JPMorgan and Bank of America dropped 1% and 0.86% respectively.
Among retailers, Target plunged 3.68% after the company missed expectations and lowered its outlook for the fourth quarter, but Zumiez surged 9.72% after posting solid same-store sales results and boosted its earnings forecast.
Elsewhere, Pepsi slid 0.52% on reports the beverage giant may be considering slashing nearly 4,000 jobs and lowering pension contribution in an effort to raise earnings.
Meanwhile, shares in Eastman Kodak tumbled 9.36% following reports the firm is preparing a bankruptcy protection filing in case it is unable to sell its digital patents to raise capital.
On the upside, Mosaic added 2.81% after the fertilizer producer posted better-than-expected earnings.
Monsanto also contributed to gains, with shares climbing 3.51% after the agribusiness company topped profit estimates, helped by its growing business in South America and strong U.S. seeds orders ahead of spring planting.
Across the Atlantic, European stock markets were sharply lower. The EURO STOXX 50 plunged 1.59%, France’s CAC 40 plummeted 1.39%, Germany's DAX dropped 0.55%, while Britain's FTSE 100 tumbled 0.74%.
During the Asian trading session, Hong Kong's Hang Seng Index rallied 2.4%, while Japan’s Nikkei 225 Index remained closed for the extended New Year's holiday.
Later in the day, the Institute of Supply Management was to release a report on U.S. service sector activity.