S&P 500 churns on Thursday to end day slightly in the green
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The S&P 500 churned higher Thursday in the face of concerns about the Federal Reserve removing stimulus.
The broad index inched up 0.1% to 4,405.80.
The Nasdaq Composite added 0.1% to 14,541.79.
The Dow Jones Industrial Average shed 66.57 points, or nearly 0.2%, to 34,894.12.
The S&P 500 snapped a two-day losing streak while the Dow logged its third-straight losing session. Meeting minutes released Wednesday from the Fed’s gathering in July showed the central bank has started eyeing tapering its $120 billion in monthly bond purchases before the year-end.
For the week, the three major indexes are in the red.
Investors digested mixed economic data released Thursday. First-time jobless claims last week hit a new pandemic-era low at 348,000, declining more than expected from the week prior.
The Philadelphia Fed Index, a gauge of growth in the region, still indicated expansion but at a level worse than expected. The August reading was 19.4, below the 22 consensus of economists polled by Dow Jones.
Goldman Sachs cut its economic growth forecast for the current quarter to 5.5% from 9%, adding to the negative sentiment. The firm also sees higher inflation than expected for the rest of the year.
“The impact of the delta variant on growth and inflation is proving to be somewhat larger than we expected,” wrote Jan Hatzius, chief economist at Goldman Sachs, in the note.
Stock futures are little changed after S&P 500 ekes out winning day
Reference: CNBC
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