Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets: Wall Street is under pressure Thursday, led to the downside by the tech-heavy Nasdaq Composite , which dropped more than 2%. The S & P 500 is down more than 1%, while the Dow Jones Industrial Average lost about 260 points, or 0.
6%. Selling in Microsoft and Meta Platforms following their Wednesday evening earnings results weighed on the Nasdaq and S & P 500. Also adding to the weakness: The yield on the closely watched 10-year Treasury note continued its climb higher, topping 4.
3% at one point in the session. Investors are gearing up for Friday morning's nonfarm payrolls report, which is expected to show the U.S.
economy added 100,000 jobs in October while the unemployment rate remain unchanged at 4.1%. But many expect noise in the numbers due to the impact of the recent hurricanes and Boeing strike.
The data will help shape Wall Street's expectations around the path of Federal Reserve policy. Currently, traders are pricing in a roughly 95% chance of a quarter-point interest rate cut at the central bank's meeting next week. Earlier Thursday, the Fed's favorite inflation gauge, the PCE price index, matched expectations, rising 2.
1% in September . Cyber deal: Morgan Stanley put out a note Thursday morning on Club holding Palo Alto Networks that caught our eye, discussing reports of the cybersecurity.
