Initial claims for jobless benefits matched their recent peak last week, adding to evidence that the labor market has turned cold and bolstering the case for Federal Reserve rate cuts. The S&P 500 is modestly lower, with Boeing and GE Aerospace falling after a passenger jet crashed in India. Markets see no chance of a rate cut at next week's Fed meeting, but rising jobless claims and tame producer price index data nudged up odds of a rate cut at the July meeting.