US stocks slip as investors assess tech warnings and latest jobless claims data

• US stocks fell Thursday after Microsoft cut its Q4 revenue and earnings guidance.
• Wall Street's main indexes were on course for a third consecutive session of losses.

Stocks moved lower Thursday as a downbeat update from Microsoft offset upside support the market found from a pullback in oil prices.

The Nasdaq Composite and the S&P 500 turned lower after Microsoft cut its fourth-quarter revenue and earnings guidance because of unfavorable currency exchange rates. Wall Street's three major equity indexes had been on course for their first win in three sessions.

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

• S&P 500: 4,091.24, down 0.24%
• Dow Jones Industrial Average: 32,730.80, down 0.25% (82.43 points)
• Nasdaq Composite: 11,982.45, down 0.1%

Investors had earlier appeared to find some relief in seeing oil prices fall after Saudi Arabia signaled to Western allies it's ready to boost oil production if Russia slashes its output amid wartime sanctions. Oil moved lower following the report about Saudi Arabia from the Financial Times.

But prices recovered from lows with OPEC holding another monthly production meeting on Thursday.

Ahead of Friday's US jobs report, ADP said private-sector firms added 128,000 payrolls in May. The median estimate from economists surveyed by Bloomberg was an increase of 300,000 private payrolls. The May amount marks the smallest gain of the pandemic recovery.

Separately, weekly unemployment claims fell by 11,000 to 200,000, with the Bloomberg estimate calling for claims of 210,000.

Oil prices fell. West Texas Intermediate crude lost 0.6% to $114.59 per barrel. Brent crude, the international benchmark, fell 0.6% to $115.58.

Gold edged up 0.2% to $1,850.70 per ounce. The 10-year yield fell 2 basis points to 2.91%.

Bitcoin gained 1.4% to $30,064.41