Home Finance & Fintech Dow, S&P 500 Close Lower; Salesforce, Cannabis Stocks in Focus

Dow, S&P 500 Close Lower; Salesforce, Cannabis Stocks in Focus

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All three major indexes were in the green for much of Thursday as they sought five-day winning streaks. Instead, the S&P 500 and Dow industrials finished in the red. Only the Nasdaq edged higher.

The day’s action left the indexes with losses for the month, though they’re on track for weekly gains.

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.

Stock indexes finished mixed. The blue-chip Dow lost 168 points. The Nasdaq crept 0.1% higher, while the S&P 500 was off 0.2%.

Treasury yields slipped. The 10-year U.S. Treasury yield settled at 4.090%, down from 4.117% late Wednesday. It rose, however, for the month.

Salesforce jumped. Up about 3% after an earnings beat, the tech firm was the Dow’s best performer. Apple managed a fifth straight daily gain.

Dollar General dropped. The retail chain was down about 12%, 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.

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