December 7, 2023


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Dow Jones slips 100 points;  Salesforce, Dollar General stocks in focus

Dow Jones slips 100 points; Salesforce, Dollar General stocks in focus

US stock markets are looking to end August on a high, with mixed results so far.

All three major indices were in the green for most of Thursday as they sought a five-day winning streak. That may not be enough to put the markets into positive territory this month, though, as the S&P 500 and Nasdaq Composite are on track to post their first monthly losses since February.

Federal data on Thursday showed that US consumers spent at a faster pace in July, while a closely watched measure of underlying price pressures remained flat. This could complicate the Federal Reserve’s discussion of whether to keep interest rates steady in September.

Until Thursday afternoon:

Stock indices mostly advanced. The Nasdaq and S&P 500 rose, led by the technology-focused Nasdaq. The Dow Jones blue index fell.

Treasury yields fluctuated. The 10-year US Treasury yield was recently trading at 4.093%, after settling on Wednesday at 4.117%.

Salesforce jumped in. After its profits rose nearly 4%, the technology company became the best-performing company on the Dow Jones index. Apple was looking for a fifth straight daily gain.

General dollar fell. And the retail chain fell about 12%, making it the biggest loser on the Standard & Poor’s 500 index, after it cut its forecasts for sales and profits.

Chinese stocks closed a bad month. The Shanghai Composite Index posted its worst monthly performance since September 2022, while Hong Kong’s Hang Seng Index plunged into a bear market in August. In Europe, bonds rose while the euro fell.

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