The Dow Jones Industrial Average and Standard & Poor’s ended the first day of September on a big note as traders look forward to Friday’s jobs report.
The Dow Jones reduced its losses from earlier in the session, as it wrestled with the flat line to the last moments of trading and jumped 145.99 points, or nearly 0.5% in the last minutes of trading, to 31,656.42 points. Also, the Standard & Poor’s Index rose 0.3% to 3,966.85, following trading lower for most of the day. Both cut a four-day losing streak.
Meanwhile, the Nasdaq fell 0.3% to 11,785.13 points, posting its first five-day losing streak since February.
The Treasury yield topped 3.5%, its highest level since November 2007, on Thursday. This affected price-sensitive growth stocks, making their future earnings less attractive.
Nvidia shares also contributed to the losses, falling nearly 7.7% following the chip maker said the US government is restricting some sales in China.
Stocks have been in the doldrums as investors respond to hawkish comments from Federal Reserve officials showing no signs of easing interest rate hikes. Traders debate whether stocks will once once more challenge their June lows in September, a historically bad month for the markets.
