U.S. markets closed lower on Thursday as investors weighed rising government bond yields and fresh uncertainty surrounding the artificial intelligence boom following the sudden departure of Nvidia (NVDA) CEO Jensen Huang. Traders remained cautious as the National Association of Realtors (NAR) released a report showing a steep drop in existing home sales in the U.S. in the month of October. NAR said existing home sales plunged by 5.5 percent to an annual rate of 3.75 million in October after jumping by 1 percent to a revised rate of 3.97 million in September. The street had expected existing home sales to tumble by 3.5 percent to an annual rate of 3.85 million from the 3.99 million originally reported for the previous month. Some concern also came as a report released by the Labor Department showed first-time claims for U.S. unemployment benefits rebounded by more than expected in the week ended November 7. The Labor Department said initial jobless claims climbed to 200,000, an increase of 9,000 from the previous week’s revised level of 191,000. The street had expected jobless claims to rise to 195,000 from the 189,000 originally reported for the previous week.
Dow Jones Industrial Average decreased by 189.4 points or 0.36 percent to 52,297.09, Nasdaq was down by 100.09 points or 0.39 percent to 25,366.09 and S&P 500 slipped by 26.98 points or 0.35 percent to 7,592.4.
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