Dow Jones and S&P 500 close lower; Salesforce, cannabis stocks in focus

All three major indexes were in the green throughout most of Thursday as they sought a five-day winning streak. Instead, the S&P 500 and the Dow Jones Industrial Average finished in the red. Only the Nasdaq rose.

Today’s movement led to indices suffering losses for the month, although they are on track for weekly gains.

U.S. consumers spent at a faster pace in July, federal data showed on Thursday, while a closely watched measure of core price pressures remained steady. This could complicate the Federal Reserve’s debate on whether to keep interest rates steady in September.

Stock indices finished mixed. The blue-chip Dow lost 168 points. The Nasdaq rose 0.1%, while the S&P 500 fell 0.2%.

Treasury yields fell. The 10-year US Treasury yield settled at 4.090%, down from 4.117% late Wednesday. However, it rose this month.

Salesforce jumped in. Up nearly 3% after earnings, the technology company was the best performer on the Dow. Apple achieved its fifth consecutive daily gain.

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

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

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