The S&P 500 notched its first three-day losing streak in a month, even as investors bought up Big Tech stocks ahead of the release of a key jobs report on Friday.
The S&P 500 fell 0.3 per cent. However, the Nasdaq Composite closed 0.3 per cent higher as each Magnificent Seven group except Microsoft advanced, marking the first time since June that the two indices finished in opposite directions. The small cap-focused Russell 2000 slipped 0.3 per cent.
Investors are preparing for the release of August non-farm payrolls data on Friday. Many recent releases of economic data have signalled a weakening labour market, which has raised concerns about a potential US recession.
“The labour market is still, from our view, pretty solid, but if we get a terrible number, that would be a disappointment, and will likely result in a lot of arm flapping,” said Jack Ablin, chief investment officer at Cresset Capital.
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