In a mixed day for Wall Street, the S&P 500 and Dow edged lower, while the Nasdaq posted modest gains.
Investors were on edge, anticipating key jobs data that could influence the Federal Reserve’s next moves.
Earlier in the session, the markets saw brief optimism as reports showed a stronger-than-expected services sector and a drop in jobless claims.
However, the rally faded as focus shifted back to the upcoming payroll numbers.
The S&P 500 lost ground in eight of its eleven sectors, with healthcare and industrials weighing heavily.
Tesla, a standout in the consumer discretionary business sector, rose nearly 5% after announcing plans to launch its self-driving software in Europe and China.
Meanwhile, private employment data hinted at a cooling labor market, fueling concerns about a potential slowdown.
“Markets are on a roller coaster,” noted Wasif Latif of Sarmaya Partners, adding that investors are fixated on economic data to gauge the Fed’s path on interest rates.
Historically, September has been weak for U.S. equities, and this month seems no different. The S&P is down 2.5% so far this week, with tech stocks taking a hit.
The Dow fell 219 points, closing at 40,755.75, while the S&P dipped by 16.66 points. The Nasdaq, driven by tech gains, inched up 43.37 points. Volume across U.S. exchanges remained slightly below the 20-day average at 10.6 billion shares.
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