Mixed Markets Close as Investors Eye Key Jobs Data
U.S. markets experienced a turbulent trading session, with the S&P 500 and Dow ending lower, while the Nasdaq edged higher. Investors are closely monitoring upcoming nonfarm payroll data, which could influence Federal Reserve rate cuts. Economic reports showing positive trends in the labor market offered some temporary relief.
U.S. equity markets ended Thursday on a mixed note, with the S&P 500 and Dow Jones falling, while the Nasdaq managed a slight gain. This occurred amid investor anticipation of crucial nonfarm payroll data due on Friday, which could influence future Federal Reserve interest rate decisions.
Earlier in the day, major indexes saw some gains thanks to reassuring economic reports. According to the Institute for Supply Management, the services sector showed expansion in August, and Labor Department data revealed a drop in jobless claims. 'The markets have been on this risk-on risk-off roller coaster because it's watching the data as the Fed has said 'we're going to watch the data,' said Wasif Latif, president and chief investment officer at Sarmaya Partners.
Historically, September has been a weak month for U.S. equities. Currently, the S&P 500 is down over 2% for the week, while tech stocks have plummeted more than 4%. Tesla saw gains following announcements about upcoming launches of self-driving software in Europe and China, pending regulatory approval. In contrast, Frontier Communications fell sharply after Verizon announced plans to buy the company.
(With inputs from agencies.)
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- nonfarm payroll
- job data
- rate cuts
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