Wall Street recovery loses momentum – Dow Jones and S&P 500 close lower

Wall Street in New York

The tech companies Snap and Twitter had to accept price losses.

(Photo: AP)

Frankfort, New York After the recent price gains, US investors are reluctant to make further purchases. The Dow Jones was down 0.3 percent on Thursday at 32,727 points and the broad S&P 500 was down 0.1 percent at 4152 points. The tech-heavy Nasdaq, on the other hand, advanced 0.4 percent to 12,721 points.

The main reason for the hesitant attitude was the US labor market data due on Friday, which could provide conclusions about the health of the world’s largest economy and the pace of the Fed’s expected rate hikes. Experts expect 250,000 non-agricultural jobs to be created in July.

“Should the numbers be a little weaker, the market would rate that positively,” said Christopher Grisanti, chief investment strategist at asset manager MAI. It would be a signal that the Fed’s rate hikes so far are having an effect and that the central bank could proceed more cautiously in the future.

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