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- US stocks were mostly lower on Thursday after weekly jobless claims jumped to the highest level since October 2021.
- Initial jobless claims surged by 22,000 to 264,000, which was ahead of estimates for 245,000.
- Fears of a banking crisis were reignited after PacWest said its deposits fell by nearly 10% last week.
US stocks traded mostly lower on Thursday after fresh economic data reignited fears of a potential recession.
Weekly jobless claims surged by 22,000 to 264,000, hitting the highest level since October 2021 and topping economists' estimates for 245,000. It continues a recent trend of the unemployment claims ticking higher as more companies reduce their headcounts or slow down hiring.