S&P 500 stumbles on rising Treasury yields amid fresh signs of hot jobs market; European markets close lower as investors digest U.S jobs data 
The S&P 500 stumbled Thursday, paced by a slump in tech from rising Treasury yields as data continued to point to a tight labor market just a day after the Federal Reserve’s December minutes signaled more rate hikes ahead. The S&P 500 fell 0.83%, the Dow Jones Industrial Average slipped 0.86%, or 265 points, the Nasdaq Composite was down 0.96%. A duo of reports showing that better-than-expected private job gains in November and fewer initial weekly jobless claims firmed up bets that the Fed will have more work to do restore supply and demand balance in a tight labor market that threatens to push wages higher.  
Microsoft (NASDAQ:MSFT) was the biggest drag on tech for the second-straight day after UBS raised concerns a day earlier about slowing growth in the tech giant’s cloud and office businesses. Amazon (NASDAQ:AMZN), meanwhile, fell more than 1% after the e-commerce giant confirmed plans to cut just over 18,000 jobs to save costs. The move followed an earlier warning from the company in December, when it warned of “more role reductions” in early 2023. 
On the earnings front, pharmacy operator Walgreens Boots Alliance (NASDAQ:WBA) raised its full-year outlook after reporting better-than-expected quarterly results. But its shares fell 5%. 
Bath & Body Works (NYSE:BBWI) plunged 30% after warning of bankruptcy as losses mount. The home goods retailer said it expects to report third-quarter revenue of $1.26 billion, below Wall Street estimates of $1.404 billion analysts. 

After climbing to a three-week high over the last three sessions, the pan-European Stoxx 600 closed 0.15% lower provisionally. Inflation in Italy was 12.3% year-on-year in December, down from 12.6% the previous month. The figures are harmonized across the euro zone. 
Source: CNBC, Investing.com