New York stocks closed on a mixed note on the final day of trading in August, with all three major averages incurring a monthly loss. This saw an end to a five-month winning streak for both the S&P 500 and the Nasdaq Composite indices.
The S&P 500 slipped by 0.16% on the last day of August, while the Dow Jones Industrial Average fell by 0.5%. The Nasdaq Composite gained 0.11% for its fifth consecutive winning day, however, this wasn’t enough to avoid a monthly loss. The S&P 500 suffered its worst month since February, while the Dow Jones had its worst month since May. For the teach-heavy Nasdaq, this was the worst monthly performance since last November.
On Thursday, the Personal Consumption Expenditures (PCE) Index showed that the Federal Reserve’s preferred inflation gauge rose in July, with both headline and core readings falling in line with Wall Street expectations.