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Thursday Sees a Small Increase in the S&P 500, but the Month is on Track to be the Worst of the Year

Thursday saw a rise in stocks as Wall Street attempted to recoup some of its significant losses from this month as traders kept an eye on Treasury yields.

The Dow Jones Industrial Average increased 116.07 points, or 0.35 percent, to 33,666.34 on the day. The critical 4,300 barrier was narrowly missed by the S&P 500, which gained 0.59% to 4,299.70. Up around 0.83% to 13,201.28, the Nasdaq Composite.

A difficult trading month and quarter are about to end for stocks. The Dow is expected to finish September 3% lower and the entire quarter more than 2% lower. The S&P 500 is anticipated to end the month down 4.6% and the third quarter down 3.4%. The Nasdaq is anticipated to end the quarter and the month with declines of 4.3% and 5.9%, respectively.

Thanks to a 2% increase in Meta Platforms, the communication services sector increased by 1.2% to lead the S&P 500 higher. The Dow was boosted by gains from Intel and Cisco Systems of 1.6% and 1.3%, respectively.

“The pressure to sell is just a tiny bit lessened for you. Without a significant catalyst, it’s typically difficult to maintain such movement in one direction, according to Ross Mayfield, an investment strategy analyst at Baird. “Even against the type of more unfavourable backdrop, this little bit of a stop, perhaps a short timeout, shouldn’t be anticipated.”

As Treasury yields declined from multiyear highs, the major averages gained ground. With rising yields and the likelihood of higher interest rates lasting longer than anticipated, stocks have recently struggled.

Source (CNBC)

SourceCNBC
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