Tech stocks send Nasdaq to fresh record close, boost S&P; European stocks close higher as traders shrug off inflation worries
The S&P 500 closed the first trading day of September near the flatline as the strength in technology shares faded, while investors digested a disappointing employment report.
The broad equity index gained just 1.41 points on Wednesday to 4,524.09 as losses in energy offset gains in utilities and real estate. The tech-heavy Nasdaq Composite advanced 0.3% to 15,309.38 to eke out a record close after trading 0.8% higher earlier in the day. Apple jumped as much as 2% to an all-time high, but pared gains to about 0.5%. The Dow Jones Industrial Average dipped 48.20 points, or 0.1%, to 35,312.53.
U.S. companies created far fewer jobs than expected in August, with private payrolls rising just 374,000, according to payroll services firm ADP. That was well below the Dow Jones estimate of 600,000.
Among individual equities, solar stock Sunrun surged more than 6% after JPMorgan predicted a comeback that would take the shares 90% higher.
Zoom Video shares rebounded slightly following a 16% plunge Tuesday after Cathie Wood revealed she bought nearly 200,000 shares on the dip.
European stocks closed higher on Wednesday as investors shrugged off hotter-than-expected euro zone inflation data.
Food delivery shares were the top individual gainers Wednesday, with Just Eat Takeaway.com and Deliveroo both rising over 6%.
At the bottom of the index, Carrefour dropped 5.5% after LVMH Chairman and CEO Bernard Arnault sold his 5.7% stake in the French retailer.
French alcoholic beverage company Pernod Ricard beat full-year 2020/21 operating profit expectations and announced the restart of a 500 million euro ($590 million) share buyback program. The company’s shares gained 3.8%.
Source: CNBC, Investing.com