Markets Soft as Earnings Season Grinds On

Stocks were weak Thursday morning, with softness across the board. Apple (Nasdaq: AAPL), Celgene Corporation (CELG), Avon Products Inc. (NYSE: AVP), and Yelp Inc. (NYSE: YELP) were among the decliners.

The soft patch comes as Q1 earning season neared the end of its third week, with a slew of companies set to report after the close.

Traders also eyed economic data Thursday in the form of stronger than expected initial jobs claims and Chicago’s purchasing managers index. Rumors suggest such strong data could attract the attention of the Fed, fueling hawkishness.

The S&P 500 fell 0.6% Thursday morning, the Nasdaq composite was lower by 0.9%, and Dow was off 0.65%. Biotech, a source of weakness lately, suffered with iShares Nasdaq Biotechnology (Nasdaq: IBB) declining 1.5%. Gold was another area of softness, with SPDR Gold Shares (NYSE: GLD) down 2%.

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