S&P 500, Nasdaq dip ahead of US jobs data
The S&P 500 and Nasdaq fell while the Dow edged higher on Wednesday as markets looked ahead to key US employment data amid economic growth concerns. The Federal Reserve said employers were "more selective" about hiring, "citing concerns about demand and an uncertain economic outlook," according to the central bank's periodic Beige Book on economic conditions. The Fed is widely expected to cut interest rates this month, and Friday's monthly jobs data could determine by how much. The Dow Jones finished up 0.1 percent at 40,974. The S&P 500 dipped 0.2 percent to 5,520, while the Nasdaq shed 0.3 percent to 17,084. All three major indices spent parts of the day in positive territory, an improvement from Tuesday's dreary round. Analysts have noted that September is historically a weaker month for stocks. Among individual companies United States Steel dropped 17.5 percent following a Washington Post report that President Biden will block a planned US$14.9 billion takeover by Nippon Steel. Dollar Tree plunged 22.2 percent after reporting lower than expected earnings, pointing to lacklustre sales that "reflected the increasing effect of macro pressures on the purchasing behavior of Dollar Tree's middle– and higher–income customers," the company said. Nordstrom declined 0.2 percent after disclosing that it received a bid from a consortium that includes some Nordstrom family members and Mexican department store El Puerto de Liverpool to take the company private. The company is naming a special committee to consider the proposal. Nvidia dropped 1.7 percent following a Bloomberg News report that it has been subpoenaed by US antitrust regulators as part of a probe into its practices. (AFP)