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US stocks trade mixed to close out tough August as traders brace for jobs report

Sep 1, 2023, 03:21 IST
Business Insider
Getty Images / Drew Angerer
  • US stocks traded mixed on Thursday and ended August in the red.
  • The S&P 500 closed off the month 1% lower, while the Dow and Nasdaq shed 2%.
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US stocks traded mixed on Thursday, snapping a four-day winning streak and ending the month of August with a loss.

Major indexes rose in early morning trading but ended the day mostly lower, with the Dow Jones Industrial Average ending today's session slightly in the red.

Sentiment was lifted slightly this morning after the the release of the July Personal Consumption Expenditures price index. The Fed's preferred measure of inflation showed prices rose 4.2% year-over-year last month, in-line with economists' expectations, though slightly higher than the 4.1% price acceleration recorded in June.

"The PCE index has been moving in right right direction overall, but core inflation remains stickier than expected keeping the data dependent — and 'agile' — Fed more likely to raise rates again this year," LPL chief global strategist Quincy Krosby said in a statement on Thursday. "Moreover, the disinflation trend remains steady, but the Fed needs the numbers to edge lower before they can declare victory in its campaign to quell inflation."

Investors are waiting for the August jobs report to roll out Friday morning, which will help guide the Fed's next monetary policy move. Economists are expecting 170,000 new jobs added and the unemployment rate to hold steady at 3.5% this month, Refinitiv data shows.

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Stocks ended August in the red, but pared the deepest losses since the middle of the month. The S&P 500 closed the month with a 1% loss. The Dow and Nasdaq Composite shed about 2% in August.

Here's where US indexes stood shortly at the 4:00 p.m. closing bell on Thursday:

Here's what else happened today:

In commodities, bonds, and crypto:

  • Oil prices rose. West Texas Intermediate crude oil was up 2.24% to $83.46 a barrel. Brent, the international benchmark, slipped 1.7% to $86.69 a barrel.
  • Gold edged lower 0.3% to $1,967.40 per ounce.
  • The yield on the 10-year Treasury bond fell three basis points to 4.081%.
  • Bitcoin slipped 3.7% to $26,252.
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