U.S. stocks concluded trading mostly on the downside on Thursday, with the Nasdaq Composite Index leading losses as investor sentiment plummeted, fueled by worries that the Federal Reserve may sustain high interest rates for an extended period. The technology-focused Nasdaq Composite Index fell 123 points, or 0.9%, to conclude at 13,748, marking its fourth consecutive session of losses.
Meanwhile, the Dow Jones Industrial Average managed to edge up by 0.2%, while the S&P 500 index experienced a slight dip, falling by 0.3%. Shares of tech giant Apple Inc. (NASDAQ:NASDAQ:AAPL) also declined for a second day following a report by the Wall Street Journal that China has imposed a ban on government officials using iPhones for work-related tasks.
On the economic front, initial jobless benefit claims in the U.S. saw a decrease of 13,000 to land at 216,000 for the week ending on Saturday, September 2, as reported by the U.S. Labor Department on Thursday. This figure represents the lowest level since mid-February, indicating a potential improvement in labor market conditions.
Despite some positive economic data, concerns over prolonged high interest rates from the Federal Reserve continue to weigh heavily on investor sentiment, leading to a general decline in U.S. stock market indices. The coming weeks will provide further insight into whether these concerns will persist and continue to influence market trends.
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