S&P 500, Dow fall as jobless claims rise; megacaps boost Nasdaq

The S&P 500 and the Dow indexes fell on Thursday after data showed weekly jobless claims hit a two-month high, while a rise in megacap growth stocks offered some support to the technology-heavy Nasdaq.
 

The Labor Department's report showed the number of Americans filing new claims for unemployment benefits increased by 51,000 to a seasonally adjusted 419,000 in the week ended July 17.
 

Still, the number likely does not suggest a material shift in labor market conditions, with another month of strong job growth expected in July.
 

"One data point isn't a trend, and a one-off can probably be chalked