US stocks slip as investors assess health of the economy ahead of key jobs report

• US stocks slipped Thursday as investors weighed this week's economic data and look ahead to Friday's jobs numbers.
• Weekly jobless claims came in higher than expected, pointing to a slowing labor market.

US stocks slipped Thursday with investors taking in this week's employment data and looking ahead to Friday's March jobs report.

Jobless claims for the last week were higher than expected, and private payrolls data on Wednesday came in below expectations for March, according to ADP. Additionally, the number of job openings dropped below 10 million in February for the first time in almost two years.

Over the past year, the Federal Reserve has raised interest rates in a bid to cool inflation — which soared to a four-decade high last summer — though the labor market has largely remained resilient, complicating the Fed's efforts.

This week's readings suggest some weakness is finally breaking through in the jobs sector, however.

"We are optimistic that the employment report will come in less than the consensus forecast, but even more importantly that average wage growth will come in lower than expectations," Rhys Williams, chief strategist at Spouting Rock Asset Management wrote in a note.

"We think the effect of the banking debacle still has not impacted employment. But this honeymoon will end as soon as the second quarter. Thus if somehow this March came in like a lion, April will exit like a lamb."

Thursday's session will conclude the trading week, as markets will close for Good Friday.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:

• S&P 500: 4,075.22, down 0.37%

• Dow Jones Industrial Average: 33,436.30, down 0.14% (46.42 points)

• Nasdaq Composite: 11,910.89, down 0.72%

Here's what else is going on:

• Mohamed El-Erian said Powell's Fed may be remembered for not conquering inflation but for undermining its own credibility
• Bank stocks continue to sink and that shows the turmoil hasn't faded, according to Jim Bianco
• There's a risk the Fed fuels an economic slump as a credit crunch will worsen the impact of its inflation battle, according to KPMG's chief economist
• Top experts explained how Warren Buffett's Berkshire Hathaway will face a mix of economic headwinds
• LPL Financial said tech stocks' big rally isn't likely to fizzle out anytime soon
• Apple has hidden a bitcoin manifesto in every Mac since 2018, a tech blogger said

In commodities, bonds, and crypto:

• Oil prices were down slightly, with West Texas Intermediate trading at $80.62 a barrel. Brent crude, the international benchmark, inched lower to $85.06 a barrel
• Gold edged lower 0.44% to $2,027.20 per ounce
• The 10-year yield edged lower to 3.27%
• Bitcoin moved lower 0.96% to $27,958.01