Stock market today: Dow, S&P 500, Nasdaq fall as Lutnick hints at more tariff exemptions

Data from the Department of Labor released Thursday morning showed 221,000 initial jobless claims were filed in the week ending March 1, down from 241,000 the week prior and below the 233,000 economists had expected.

However, in a sign unemployed workers are taking longer to find a new job, continuing claims for unemployment benefits during the week ending Feb. 22 moved higher. 1.89 million claims were filed during the week, up from the 1.855 million the week prior. Continuing claims are hovering near a three-year high.

Additional data released Thursday morning showed announced job cuts soared in February to 172,017, their highest monthly level since July 2020, per job placement firm Challenger, Gray & Christmas. This marked a 245% increase in layoff announcements from the month prior. The firm noted cuts from the Department of Government Efficiency (DOGE) and “retail woes” drove the increase in job eliminations.