PARIS (Reuters) – American stock markets fell at the opening on Thursday, after the publication of economic indicators suggesting that the American economy is slowing.

In early trading, the Dow Jones index lost 89.83 points, or 0.26% to 34,901.38 points and the broader Standard & Poor’s 500 fell 0.07% to 4,499.51 points. The Nasdaq Composite lost 0.18% or 25.64 points, to 14,078.2.

Investors are concerned about the increase in unemployment claims, which increased more than expected according to data from the Labor Department released Thursday.

The Philly Fed Index, also released Thursday, showed a worsening outlook for businesses, confirming that the U.S. economy was starting to cool as a result of the Federal Reserve’s rate hikes.

These data remove the risk that the central bank will raise its rates again in December, but several members of the Fed’s board of governors are due to speak in the coming days and could temper this observation.

“In light of the recent decline in inflation and the nearly 50 basis point decline in U.S. 10-year yields since their peak in mid-October, it will be interesting to know whether they think the positive reaction market is justified or risks compromising the achievement of the Fed’s inflation objective”, note Rabobank strategists.

In terms of values, Cisco lost 12.8% after lowering its annual revenue forecasts on Wednesday, a sign that demand for its network equipment is slowing.

Walmart on Thursday raised its annual sales and profit forecasts for the second consecutive quarter, but cautious comments from its executives on year-end spending sent the group down 6.6%.

(Written by Corentin Chappron, edited by Kate Entringer)

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