U.S. stocks waver ahead of jobs data

U.S. stocks wavered between small gains and losses on Thursday, as investors awaited the key jobs report due Friday to weigh the possibility of a December rate hike.

At midday, the Dow Jones Industrial Average shed 48.91 points, or 0.27 percent, to 17,818.67. The S&P 500 fell 6.46 points, or 0.31 percent, to 2,095.85. The Nasdaq Composite Index dropped 28.97 points, or 0.56 percent, to 5,113.51.

On the economic front, in the week ending Oct. 31, the advance figure for seasonally adjusted initial jobless claims was 276,000, an increase of 16,000 from the previous week's unrevised level and above market expectations, the U.S. Labor Department said Thursday.

Meanwhile, traders will mainly look to non-farm payrolls this week for hints on the timing of the interest rate hike by the U.S. Federal Reserve.

Fed Chair Janet Yellen reiterated Wednesday that the central bank may start raising short-term interest rates at its December policy meeting if the U.S. economy is "performing well."

"If the incoming information supports that expectation, then our statement indicates that December would be a live possibility," Yellen said.

New York Fed President William Dudley, separately said Wednesday that he would "completely agree" with Yellen on a December hike.

Overseas, Chinese shares continued to rise on Thursday, sending the benchmark Shanghai Composite into a bull market, according to the Wall Street Journal.

In corporate news, shares of Facebook soared over 5 percent in the morning session on Thursday, after the social media giant reported better-than-expected earnings after Wednesday's closing bell.

U.S. stocks closed modestly lower after wavering in a tight range Wednesday, as investors assessed Yellen's comments about rate hikes. Enditem