US stocks fall after big Wednesday gains as investors digest new economic data and hope for Santa Claus rally

• US stocks opened lower Thursday after rallying for three consecutive sessions.
• Weekly jobless claims rose less than expected, signaling the labor market may still be tight.

US stocks opened lower on Thursday, breaking a streak of three consecutive gains earlier in the week and giving up some of the prior day's big surge.

Unemployment filings climbed to 216,000 last week, below analyst forecasts of 222,000 and the latest sign of a still-tight labor market. The fresh data is likely to weigh further on investor optimism that the Federal Reserve could reverse course with monetary tightening next year and spur economic growth.

Still, the so-called Santa Claus rally, which traditionally takes place in the last five trading sessions of the year, looms ahead.

Here's where US indexes stood at the 9:30 a.m. ET open on Thursday:

• S&P 500: 3,844.79, down 0.87%
• Dow Jones Industrial Average: 3,844.79, down 0.64% (247.69 points)
• Nasdaq Composite: 10,566.35, down 1.34%

Here's what else happened today:

• Elon Musk said the recent decline in Tesla stock is a buying opportunity for investors while slamming the Fed.
• The five biggest names in Big Tech have lost $3.65 trillion in market value in 2022.
• CarMax fell 16% Thursday after third-quarter results missed Wall Street forecasts.

In commodities, bonds and crypto:

• West Texas Intermediate crude oil ticked up roughly 1% to $79.01 per barrel. Brent crude, oil's international benchmark, climbed 1.05% to $83.07.
• Gold slipped 0.46% to $1,805.62 per ounce.
• The yield on the 10-year Treasury declined 1.5 basis points to 3.669%.
• Bitcoin fell 0.17% to $16,787.71.