US stocks extend losing streak as drop in jobless claims adds to fears of aggressive Fed rate hikes

• US stocks slipped Thursday as the sell-off continued into the fifth straight session.
• Jobless claims hit 232,000, government data showed, the lowest point in two months.

US stocks dropped on the first trading day of the new month as traders weigh concerns over looming Fed rate hikes and take in the latest jobs data.

Fresh Labor Department data showed jobless claims totaled 232,000 for the week that ended August 27. That marks 5,00 lower than the previous period and the lowest since June 25.

Economists surveyed by Dow Jones had projected 245,000 claims.

The report comes one day after Cleveland Federal Reserve President Loretta Mester said that it is "necessary" for the central bank to increase the Fed Funds target rate to above 4% by early 2023, and keep it at that level through the year.

Here's where US indexes stood as the market opened 9:30 a.m. on Thursday:

• S&P 500: 3,925.03, down 0.76%

• Dow Jones Industrial Average: 31,329.82, down 0.57% (180.61 points)

• Nasdaq Composite: 11,685.05, down 1.09%

The District of Columbia's AG alleged that MicroStrategy's Michael Saylor dodged $25 million in district taxes by claiming he lived in Florida, which has no state income tax. The report followed Saylor showing off a luxury penthouse flat on Facebook.

Meanwhile, "Big Short" investor Michael Burry warned that the biggest market bubble in history would end with the "mother of all crashes" — and he just hinted that collapse is under way.

At the same time, Warren Buffett's Berkshire Hathaway has cashed in about $230 million of BYD stock, notching roughly a 36-fold profit in recent weeks.

Overseas, Russia is considering a plan to buy $70 billion in China's yuan along with other "friendly" currencies to weaken the ruble, according to a Bloomberg report. This year, the ruble has soared as Moscow has implemented limits on the currency's outflows and interest rate hikes.

Amid the ongoing energy crisis in Europe, the European Union's intervention plans has sent the continent's benchmark power price down 50% in three days after it hit a record high.

Oil prices slipped, with West Texas Intermediate down 1.89% to $87.69 a barrel. Brent crude, the international benchmark, moved lower 1.92% to $93.74 a barrel.

Gold edged lower 1.04% to 1,708.40 per ounce. The 10-year yield ticked higher 12.3 basis points to 3.255%.

Bitcoin dropped 1.24% to $19,960.01.