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The Dow Jones Industrial Average gained 145 points Thursday as markets rallied to kick off the first day of trading in September. File Photo by John Angelillo/UPI | <a href="/News_Photos/lp/4599a218731f529730860620cf2768eb/" target="_blank">License Photo</a>

The Dow Jones Industrial Average gained 145 points Thursday as markets rallied to kick off the first day of trading in September. File Photo by John Angelillo/UPI | License Photo

Sept. 1 (UPI) — U.S. markets rebounded in the first day of trading in September on Thursday as investors anticipated the release of a key August job report Friday.

The Dow Jones Industrial Average climbed 145.99 points, or 0.46%, and the S&P 500 gained 0.3% while the Nasdaq Composite closed down 0.26% for its first five-day losing streak since February.

The Labor Department reported Thursday that 232,000 unemployment claims had been filed for the week ended Aug. 27, the lowest since the week ended June 25.

Investors are looking ahead to the Labor Department’s official report for August, which is set for release at 8:30 a.m. Friday.

Thursday’s moves came as the 2-year treasury yield rose above 3.5%, reaching its highest level since November 2007.

The rising rates caused rate-sensitive growth stocks to decline, while Nvidia stock fell 7.67% to weigh down the Dow after U.S. officials ordered the company to stop selling two of its top computing chips that are used for artificial intelligence to China.

Oil prices continued to fall as West Texas Intermediate crude — the U.S. oil benchmark — fell more than 2.5% to as low as $87.21 as crude oil futures logged their third straight monthly decline, marking the longest losing streak in more than two years.

Markets fell for four consecutive sessions to end the month of August after hawkish comments from Federal Reserve Chairman Jerome Powell and other fed officials have led investors to fear the central bank will continue to implement sharp interest rate hikes.

“The June lows are in play in the coming weeks as equity investors finally recognize the intensity of the Fed’s mission,” said John Lynch, chief investment officer at Comerica Wealth Management.

“Inflation and recession are typically accompanied by lower market multiples and markets need to reassess valuation as interest rates rise.”

All three major indexes were on track to end the week with losses as the Dow is set to post a 1.9% drop, while the S&P is set to fall 2.9% and the Nasdaq Composite is on pace to decline 2.9%.



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