As investors evaluated fresh American economic data, stocks dipped Wednesday, putting Wall Street on track for a four-day gain streak.
It increased by 51 points, or 0.2%, on the Dow Jones Industrial Average. While the Nasdaq Composite rose 0.5%, the S&P 500 increased by 0.4%. As a result of chipmaker Nvidia’s 1.4% gain, the S&P 500 tech sector increased for a fourth straight day. Following the company’s invitation-only launch event on September 12 where the iPhone 15 is anticipated to be announced, Apple’s shares increased by more than 1%.
Traders are analysing the poor payrolls report as the market moves on Wednesday. In August, private companies gained 177,000 jobs, according to ADP. A revised July figure of 371,000 is much higher than that. A Dow Jones projection of 200,000 was also missed.
The prior prediction for annual gross domestic product growth was lowered downward on Wednesday from 2.4% to 2.1%.
Investors seem to be treating weaker-than-anticipated economic statistics as positive news for equities today for the second straight day.
Source (CNBC)
