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
Dow Jones Industrial Average
Nasdaq Composite Index
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
However, Nvidia said Thursday the Biden administration will allow it to continue developing its H100 AI chip in China.
AMD
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.