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Stock Market Today: Nasdaq Rises, Dow Wavers as August Nears End
Dollar General stock drops; UBS posts record $29 billion profit
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U.S. stock markets are looking to end August on a high note—with mixed results.
All three major indexes were in the green for much of Thursday as they seek five-day winning streaks. That might not be enough to put markets in positive territory this month, though: The S&P 500 and Nasdaq Composite are on track to record their first monthly losses since February.
Federal data on Thursday showed U.S. consumers spent at a faster clip in July, while a closely watched measure of underlying price pressures remained steady. That could complicate the Federal Reserve’s debate on whether to hold interest rates steady in September.
Around midday:
Stock indexes mostly advanced. The Nasdaq and S&P 500 edged higher, led by the tech-focused Nasdaq. The blue-chip Dow was about flat.
Treasury yields wavered. The 10-year U.S. Treasury yield recently traded around 4.094% after settling Wednesday at 4.117%.
Salesforce jumped. Up about 4% after an earnings beat, the tech firm is the Dow's best performer.
Dollar General dropped. The retail chain is down about 14%, making it the S&P 500's biggest loser, after it cut its sales and earnings outlook.
Chinese stocks closed out a terrible month. The Shanghai Composite logged its worst monthly performance since September 2022, while Hong Kong’s Hang Seng Index fell into a bear market in August. In Europe, bonds gained while the euro fell.
The U.S. government’s August jobs report is due Friday.
—By Chelsey Dulaney and David Uberti
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September 01, 2023 at 12:30AM
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Stock Market Today: Dow, S&P 500 Rise After Inflation Data Ticks Up - The Wall Street Journal
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