Wall Street Ends Slightly Down after Weak Labor Market Data, Dovish Fed Comments
U.S. stocks finished slightly down in choppy trading on Wednesday following labor market data and comments from a Federal Reserve official that bolster the case for an interest rate cut.
Labor Department data showed that U.S. job openings fell to a 3-1/2-year low in July, indicating continued easing of labor market tightness that could strengthen the Fed's hand to begin cutting rates at its next meeting later this month.
Shares of Nvidia, which suffered a massive $279 billion drop in market value on Tuesday, lost ground. The U.S. Department of Justice sent a subpoena to the AI chip firm as it deepens its probe into the company's antitrust practices, according to a report.
According to preliminary data, the S&P 500 lost 10.25 points, or 0.19%, to end at 5,518.68 points, while the Nasdaq Composite lost 53.96 points, or 0.31%, to 17,082.34. The Dow Jones Industrial Average rose 31.44 points, or 0.08%, to 40,968.37.
Source : Reuters
