Stocks closed mixed on Thursday, with the Dow Jones Industrial Average and S&P 500 snapping their four-day losing streaks, as traders looked ahead towards Friday's jobs report. The Dow cut losses from earlier in the session as added over 100 points, while the S&P 500 climbed 0.3%. The Nasdaq Composite was down 0.3% to mark its fifth straight day of losses.

Here's how the market settled on Thursday:

S&P 500 Index (SPY  ): +0.30% or +11.85 points to 3,966.85

Dow Jones Industrial Average (DIA  ): +0.46% or +145.99 points to 31,656.42

Nasdaq Composite Index (QQQ  ): -0.26% or -31.08 points to 11,785.13

The first trading day of September follows a month of losses in August amid renewed fears of the Federal Reserve's continued restrictive monetary policy and a potential upcoming recession. The Dow was down 4% in August, while the S&P 500 and Nasdaq lost 4.2% and 4.6%, respectively.

However, all major averages are on track to end the week lower, with the Dow set to fall about 2%, while the S&P is on pace to end 2.2% and the Nasdaq is heading towards a 3% loss.

In the news on Thursday, Nvidia (NVDA  ) shares dropped after the chipmaker said the U.S. federal government ordered the company to halt sales to China of two of its AI computing chips. The company expects a $400 million hit to potential sales in China under the restriction.

However, Nvidia said Thursday the Biden administration will allow it to continue developing its H100 AI chip in China.

AMD (AMD  ) also announced late Wednesday that it received new license requirements for chips from the Department of Commerce, but does not expect them to materially impact its business due to low exposure in China.

For economic news, jobless claims fell for a third straight week last week to its lowest reading in two months on Thursday. Initial unemployment insurance filings unexpectedly declined to 232,000 for the week ended August 27, below expectations for a print of 248,000.

Looking ahead, market participants are awaiting the Labor Department's official jobs report for August, which is expected to add 300,000 positions.