Stock market today: Live updates

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The Nasdaq Composite registered a fifth consecutive winning day, but still suffered its worst monthly loss of 2023.

The tech-heavy index added 0.11% to end Thursday’s session at 14,034.97. The Dow Jones Industrial Average slipped 168.33 points, or 0.48%, to end at 34,721.91. The S&P 500 ticked down 0.16% to close at 4,507.66.

A recent string of positive sessions — in which the S&P 500 and the Dow climbed for four straight days — helped the indexes trim their monthly losses. Nevertheless, in August, the broad-market index lost 1.77%, while the Nasdaq shed 2.17%. The 30-stock Dow dropped 2.36%.

Traders on Thursday also pored over new U.S. inflation data. The core personal consumption expenditures index increased 0.2% month over month in July and 4.2% year over year, matching estimates from economists polled by Dow Jones. The core PCE is a closely watched inflation indicator by the Federal Reserve.

“At the end of the day, equities are following bonds, so a continued decline in U.S. Treasury yields is the keystone in the bridge for more upside in stocks, at least in the near term,” said Joseph Cusick, senior vice president at Calamos Investments. “Absent a surprise result from the August U.S. nonfarm payrolls report on Friday, holiday-induced liquidity conditions are beginning to set in ahead of Labor Day.”

Salesforce mitigated some of the Dow’s losses. Shares advanced nearly 3% after the software company announced fiscal second-quarter results and third-quarter guidance Wednesday that exceeded analysts’ expectations.

Investors will now turn their attention to non-farm payroll data out Friday morning. Economists polled by Dow Jones forecast 170,000 additions. Traders are holding onto hope that the report will indicate that the economy is slowing meaningfully, and ultimately give the central bank reason to pause benchmark interest rate hikes.

Correction: A previous version included an inaccurate description of the PCE indicator. The story has also been updated to reflect the correct month for the dataset.

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