Stocks had a mixed performance on Wall Street, bringing an end to a challenging August. The Dow dropped 169 points, or 0.4%, to 34,721, while the S&P 500 saw a slight decline of 7 points, or 0.1%, to 4,507. On the other hand, the Nasdaq experienced a minor increase of 15 points, or 0.1%, reaching 14,034. All three indices have faced a decline of over 1% for the month, as reported by CNBC.
Amidst this, technology and communications stocks stood out with notable gains. Salesforce, a software company, saw a rise of 3.4% after revising its profit forecast for the year. CrowdStrike, a cloud-based security company, also performed well with an 8.8% jump following strong financial results. In contrast, Dollar General and several other retailers struggled, reporting weak earnings and forecasts. Dollar General’s shares slumped by 12.5% after reducing its profit forecast for the year.
Inflation remained under control in July, according to the latest update from the government’s Personal Consumption and Expenditures report. This news is significant as it indicates a cooling off period for price increases, giving investors hope that the Federal Reserve may halt the raising of interest rates soon. The Fed’s task of managing inflation has been made more challenging by the strong job market and consumer spending, which have fueled wage and price increases.
Investors on Wall Street anticipate the release of employment data for August on Friday, which will provide further insights into the state of the economy. Despite concerns of a potential recession in 2023, the robust job market and consumer spending have helped prevent it thus far. However, these factors have also complicated the Fed’s efforts to control inflation by driving up wages and prices.
In conclusion, the stock market experienced a mixed performance, with some sectors outperforming while others struggled. The inflation report brings hope for a more stable economy, and all eyes are now on the upcoming employment data.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
