Stocks snapped their winning streak on Thursday, with all three major market averages slipping lower, as investors cautiously awaited more details on the Federal Reserve's plan to taper its pandemic-era monetary stimulus programs from the central bank's Jackson Hole symposium on Friday.
Here's how the market settled on Thursday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Ford to cut production of F-150 amid ongoing semiconductor shortage:
The Detroit automaker confirmed that its Oakville Assembly Plant in Canada and the Kansas City Assembly Plant in Missouri will halt production during the week of August 30; Oakville builds the Ford Edge and Lincoln Nautilus crossovers and Kansas City assembles the F-150. Ford added that it will cut two of three shifts next week at its Dearborn Truck Plant in Michigan, which also makes the F-150.
"Our teams continue making the most of our available semiconductor allocation, finding unique solutions to provide as many high-quality vehicles as possible to our dealers and customers," the company said in a statement.
U.S. GDP rises by 6.6% in second quarter:
U.S. economic activity rose at a 6.6% annualized rate in the second quarter this year, the Bureau of Economic Analysis reported in its second revision on gross domestic product (GDP) published Thursday, rising by a tick faster than the 6.5% growth rate previously reported. In the first quarter, real GDP increased by 6.3%.
"The increase in second quarter GDP reflected the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. In the second quarter, government assistance payments in the form of loans to businesses and grants to state and local governments increased, while social benefits to households, such as the direct economic impact payments, declined," the BEA reported.
Jobless claims slightly rise from pandemic-era low:
New unemployment claims totaled 353,000 for the week ended August 21, the Labor Department reported in its latest release published Thursday, coming slightly below the prior week's pandemic-era low of 349,000 but above the 350,000 expected by consensus economists.
Still, continuous jobless claims continues to decline to new pandemic lows, with ongoing unemployment claims totaling 2.862 million from the week ended August 14, a decrease of 3,000 from the previous week's revised level.
Here's how benchmarks started trading soon after open:
S&P 500 Index: -0.05% or -2.28 points to 4,493.91
Dow Jones Industrial Average: +0.11% or +39.05 points to 35,444.55
Nasdaq Composite Index: -0.05% or -7.09 points to 15,036.63