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 so-called Magnificent Seven company 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.
