The S&P 500 snapped a three-week winning streak as the latest economic data suggests the U.S. labor market is cooling.

On Friday, the Labor Department reported the U.S. economy added 236,000 jobs in March, just shy of economist estimates of 240,000 new jobs. U.S. wages grew 4.2% year-over-year, while the unemployment rate ticked lower from 3.6% to 3.5%.

Late last Sunday, World Wrestling Entertainment announced it will be merging with UFC to form a new public company that will be 51% owned by shareholders of UFC parent company Endeavor and 49% owned by current WWE shareholders. WWE shares closed down 2.1% on Monday following the announcement, while Endeavor shares dropped 5.9%.

On Tuesday, Johnson & Johnson announced it would pay an $8.9-billion settlement related to claims its talc-based baby powder caused cancer. In a statement, the company's legal team said Johnson & Johnson "continues to believe that these claims are specious and lack scientific merit."

On Monday, General Motors said it sold 20,670 electric vehicles in the first quarter, nearly doubling the 10,866 EVs sold by Ford. GM is now a distant second in U.S. EV sales behind Tesla, which sold 161,630 vehicles in the quarter.

501 blues

Shares of jeans maker Levi Strauss dropped 16% on Thursday after the company reported first-quarter earnings per share dropped to 29 cents, down from 48 cents a year ago.

In the week ahead, first-quarter earnings season kicks into full gear with reports from Tilray Brands on Monday and JPMorgan Chase, Wells Fargo and Citigroup on Friday.

Analysts reduced their first-quarter S&P 500 earnings estimates by an average of 6.3% in the first three months of 2023, according to FactSet. Analysts are now expecting first-quarter S&P 500 earnings will be down 6.6% compared with a year ago.

Economic numbers

Investors will get key economic updates on Wednesday when the U.S. Labor Department releases its March consumer price index reading and the Federal Open Market Committee releases its March meeting minutes.

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Benzinga is a financial news and data company headquartered in Detroit.

This article originally appeared on Detroit Free Press: WWE, UFC tag team on new public company