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Home / Business / Wall Street flattens out on Labor Day weekend by Reuters

Wall Street flattens out on Labor Day weekend by Reuters




By Akanksha Rana and Shreyashi Sanyal

(Reuters) – US stocks lost steam in afternoon trading on Friday as investors moved to the sidelines ahead of a long working day weekend, but the three major indices were on course to wind up the week with the biggest gains since June.

Despite the gains, Wall Street was set for the worst month since May following escalations in US and China trade tensions and fears of a risk of recession, underscored by the inversion of a key portion of the US yield curve, triggered sales support in August .

Markets were higher earlier in the day after data showed strong US consumer spending in July and signals that Washington and Beijing would resume trade talks.

With analysts who said investors. took money off the table before the holidays, at noon only the Dow Jones Industrial Average () was clearly in positive territory.

"Frankly, the markets have been overly optimistic about trading," said Randy Frederic k, vice president of trading and derivatives for Charles Schwab (NYSE 🙂 in Austin.

"I would warn people to be a little cautious because optimism will not last if it does not eventually turn into something as rich as a deal, which I just have a hard time seeing it happen."

The markets also have a support for a new round of US tariffs for some Chinese goods that come into effect on Sunday and the technology sector () the biggest emphasis on S&P with a 0.3% loss.

Ulta Beauty Inc (O 🙂 tumbled 28.8%, to the bottom of the S&P 500, after the cosmetics company cut its results for the entire year.

01

:09 ET, Dow Jones Industrial Average () was up 41.07 points, or 0.16%, at 26,403.32, S&P 500 () was up 0.44 points, or 0.02%, at 2 925.02. The Nasdaq Composite () was down 29.77 points, or 0.37%, at 7,943.62.

Hoping that the Federal Reserve would step in to stop any slowdown in economic growth as a result of the trade war has led traders to fully price in a rate cut at the next US Central Bank meeting in mid-September.

Investors will also closely monitor the monthly work report and produce data next week for clues about the health of the US economy.

The biggest gain on the benchmark was Campbell Soup Co (N :), which jumped 7.80% after its quarterly estimate of estimates.

Exacerbating issues were a number of lower-than-return rates of 1.30 to 1 ratio on the NYSE. Sinking questions outperformed Nasdaq's 1.06 to 1 ratio.

The S&P index recorded 36 new 52-week highs and no new lows, while the Nasdaq recorded 33 new highs and 44 new lows.

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