On Thursday, August 22nd, U.S. stocks closed lower as traders digested fresh economic data and anticipated possible interest rate cuts by the Federal Reserve. Major indexes, including the Dow, S&P 500, and Nasdaq, fell, with technology stocks leading the decline. Increasing unemployment claims and slowing business activity further fueled expectations of an economic slowdown.
According to the economic data, U.S. jobless claims rose by 4,000 to 232,000 in the week ending August 17th, slightly above expectations. The S&P Global manufacturing PMI fell to 48 in August from 49.6, while the services PMI increased to 55.2 from 55.
Most S&P 500 sectors closed lower, led by losses in consumer discretionary, information technology, and communication services, while financials and real estate stocks ended the day ...
