THE S&P 500 and Nasdaq fell while the Dow edged higher on Wednesday as markets looked ahead to key US employment data amid economic growth concerns.
The Federal Reserve said employers were “more selective” about hiring, “citing concerns about demand and an uncertain economic outlook,” according to the central bank’s periodic Beige Book on economic conditions.
The Fed is widely expected to cut interest rates this month, and Friday’s monthly jobs data could determine by how much.
The Dow Jones Industrial Average finished up 0.1 per cent at 40,974.97.
The broad-based S&P 500 dipped 0.2 per cent to 5,520.07, while the tech-rich Nasdaq Composite Index shed 0.3 per cent to 17,084.30.
All three major indices spent parts of the day in positive territory, an improvement from Tuesday’s dreary round. Analysts have noted that September is historically a weaker month for stocks.
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Among individual companies United States Steel dropped 17.5 per cent following a Washington Post report that President Bond will block a planned US$14.9 billion takeover by Nippon Steel.
Dollar Tree plunged 22.2 per cent after reporting lower than expected earnings, pointing to lackluster sales that “reflected the increasing effect of macro pressures on the purchasing behaviour of Dollar Tree’s middle- and higher-income customers,” the company said.
Nordstrom declined 0.2 per cent after disclosing that it received a bid from a consortium that includes some Nordstrom family members and Mexican department store El Puerto de Liverpool to take the company private.
The company is naming a special committee to consider the proposal.
Nvidia dropped 1.7 per cent following a Bloomberg News report that it has been subpoenaed by US antitrust regulators as part of a probe into its practices. AFP
