Stock market today: S&P 500, Dow, Nasdaq slide as investors weigh Trump's auto tariffs

A slew of economic data hit the tape at 8:30 a.m. on Thursday.

In the latest sign that layoffs remain low, data from the Department of Labor released Thursday morning showed 224,000 initial jobless claims were filed in the week ending March 22, down from 225,000 the week prior and below the 221,000 economists had expected.

Meanwhile, 1.86 million continuing claims were filed, down from the 1.88 million seen the week prior. Economists largely believe the continued low number of weekly jobless claims combined with relatively steady continuing claims reflects a “low hire, low fire” type of labor market.

In a separate release from the Bureau of Economic Analysis, the third estimate of fourth quarter Gross Domestic Product (GDP) showed the US economy grew at annualized rate of 2.4% in the final quarter of 2024, up from a prior reading of 2.3%. Meanwhile, revisions also showed core PCE, a closely tracked inflation gauge by the Federal Reserve, increased 2.6% in the fourth quarter, lower than the initial reading of 2.7%.