Main US indexes see gains fade, end down
Healthcare weakest S&P sector; Comm Svcs leads gainers
Dollar, gold rise; bitcoin slips; crude declines >1%
US 10-Year Treasury yield edges down to ~4.37%
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S&P 500, NASDAQ GET REJECTED, REVERSE TO RED FROM RECORD INTRADAY HIGHS
The main U.S. indexes ended lower on Thursday following the latest swath of economic data and corporate earnings.
PCE data showed inflation picked up in June, with new tariffs pushing prices higher, stoking concerns that price pressures could intensify in the coming months, while weekly initial jobless claims signaled the labor market remained on stable footing.
In any event, in the wake of blockbuster earnings from Meta META.O and MSFT.O, signaling Big Tech's hefty artificial intelligence bets were paying off, the S&P 500 .SPX and Nasdaq .IXIC jumped at the open.
However, strength quickly petered out, as bears mounted a counterattack. The S&P 500 and Nasdaq's opening prints proved to be their highs of the day.
Indeed, despite fresh record intraday highs among a number of major indexes, including the SPX and IXIC, only S&P Communication Services .SPLRCL, Utilities .SPLRCU, the NY FANG index .NYFANG and the Dow Jones Utilities Average .DJU scored record closing highs.
Still, the S&P 500 index ended up 2.2% for the month of July, while the Dow Industrials .DJI, edged up 0.08%. Both rose for a third-straight month. The Nasdaq Composite rose 3.7% this July for a fourth monthly gain in a row.
Attention now turns to after the closing bell quarterly reports from Amazon.com AMZN.O and Apple AAPL.O.
Investors will then eye Friday's nonfarm payroll report and a looming tariff deadline, as U.S. President Donald Trump was expected to issue higher final duty rates for countries that have not reached an agreement, although Mexico was granted a 90-day reprieve.
As for the July employment report, expectations call for 110,000 jobs vs 147,000 last month. The unemployment rate is forecast to be 4.2% vs 4.1% last month.
Here is a snapshot of where markets stood just shortly after 4:00 p.m. EDT:
(Terence Gabriel)
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EARLIER LIVE MARKETS POSTS:
US PROFIT GROWTH VIEW IMPROVES AFTER META, MICROSOFT CLICK HERE
COULD FRIDAY’S JOBS REPORT REJIGGER FED BETS AGAIN? CLICK HERE
THURSDAY DATA PARADE: PCE, JOBLESS CLAIMS, PLANNED LAYOFFS, ET AL CLICK HERE
U.S. STOCKS ASCEND ON AI BOOST CLICK HERE
U.S. STOCK FUTURES HOLD GAINS AFTER PCE CLICK HERE
AUGUST: "TAKE PROFITS AND RELAX ON THE BEACH" CLICK HERE
MEME STOCK FEVER FADES AS RETAIL SHIFTS TO BIG TECH CLICK HERE
"SOMEWHAT HAWKISH" BOJ UNLIKELY TO IMPACT JAPANESE EQUITIES CLICK HERE
THAT’S WHY TARIFFS MIGHT PROMPT THE FED TO CUT RATES CLICK HERE
STOXX RISES AS INVESTORS JUGGLE EARNINGS, FED, TARIFF SURPRISES CLICK HERE
EUROPE BEFORE THE BELL: FUTURES HIGHER ON HEAVY EARNINGS DAY CLICK HERE
DANGERS ABOUND AHEAD OF DEADLINE DAY CLICK HERE
Closer07312025 https://tmsnrt.rs/45iI76d
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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