Stock Market Today: Dow snaps 4-day win streak on mixed economic data
Investing.com — The Dow closed lower Thursday, snapping a four-day wining streak as investors weighed up mixed economic showing steady inflation, but still-strong consumer spending ahead of the crucial monthly jobs report due Friday.
The Dow Jones Industrial Average fell 0.5%, 169 points, Nasdaq gained 0.1%, the S&P 500 fell 0.2%.
The core personal consumption expenditures price index, the Fed’s preferred gauge of inflation, rose 0.2% in July, in-line with the prior month’s pace and economists’ expectations.
But consumer spending, rose 0.8% in July, the fastest pace in more than six months, “perpetuating the notion of a resilient consumer,” Stifel said in a note.
Despite the strong consumer data and still-above trend inflation, just 12% of traders expect the Fed to deliver its twelfth rate-hike on Sept. 20, Stifel added, with about 56% of investors anticipate another hold.
Salesforce Inc (NYSE:CRM) lifted its guidance after reporting second-quarter results that topped Wall Street estimates, driven by momentum in MuleSoft, — the firm’s integration software used to connect applications and data – while its “overall subscription business further proving strength in the Beltway,” Wedbush said in a note.
Crowdstrike Holdings Inc (NASDAQ:CRWD) also reported a beat and raise in the quarter, underpinned by improved margins in the quarter amid ongoing cybersecurity demand.
After clearing the tough second-quarter bar, Crowdstrike “will now lap significantly easier comps as cloud security, identity threat detection, and LogScale/Observability all hit respective strides,” UBS said, adding that it likes the setup for the company into the second half of the year.
Dollar General Corporation (NYSE:DG) fell 12% as the discount
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