Nasdaq suffers worst month of 2023


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The Nasdaq Composite registered a fifth consecutive winning day, but still suffered its worst monthly loss of 2023.

The tech-heavy index added 0.11 per cent to end Thursday’s session at 14,034.97. The Dow Jones Industrial Average slipped 168.33 points, or 0.48 per cent, to end at 34,721.91. The S&P 500 ticked down 0.16 per cent to close at 4,507.66.

A recent string of positive sessions - in which the S&P 500 and the Dow climbed for four straight days - helped the indexes trim their monthly losses. Nevertheless, in August, the broad-market index lost 1.77 per cent, while the Nasdaq shed 2.17 per cent. The 30-stock Dow dropped 2.36 per cent.

Traders on Thursday also pored over new U.S. inflation data. The core personal consumption expenditures index increased 0.2 per cent month over month in July and 4.2 per cent year over year, matching estimates from economists polled by Dow Jones. The core PCE is a closely watched inflation indicator by the Federal Reserve.

Salesforce mitigated some of the Dow’s losses. Shares advanced nearly 3 per cent after the software company announced fiscal second-quarter results and third-quarter guidance Wednesday that exceeded analysts’ expectations.

Investors will now turn their attention to non-farm payroll data due out Friday morning. Economists polled by Dow Jones forecast 170,000 additions. Traders are holding onto hope that the report will indicate that the economy is slowing meaningfully, and ultimately give the central bank reason to pause benchmark interest rate hikes.

Turning to US sectors, Consumer Discretionary was the best performer. Health was the worst performer.
 
Futures

The SPI futures are pointing to a 0.5 per cent fall.

Currency

One Australian dollar at 7:00 AM was buying 64.81 US cents.

Commodities

Gold fell 0.33 per cent. Silver lost 1.17 per cent. Copper shed 0.30 per cent. Oil gained 2.40 per cent.

Figures around the globe

European markets closed mixed. London’s FTSE fell 0.46 per cent, Frankfurt added 0.35 per cent, and Paris closed 0.65 per cent lower.

Turning to Asian markets, Tokyo’s Nikkei gained 0.88 per cent, Hong Kong’s Hang Seng fell 0.55 per cent while China’s Shanghai Composite closed 0.55 per cent lower.

The Australian sharemarket closed 0.1 per cent higher at 7,305.

Ex-dividends

Orora (ASX:ORA) is paying 9 cents unfranked
Prime Financial (ASX:PFG) is paying 0.8 cents fully franked
Partners Grp Global (ASX:PGG) is paying 1.35 cents unfranked
Qantm Intellectual (ASX:QIP) is paying 3.5 cents fully franked
Silk Logistics (ASX:SLH) is paying 3.1 cents fully franked
Soco Corporation (ASX:SOC) is paying 0.5 cents fully franked
Solvar (ASX:SVR) is paying 9 cents fully franked
Sthn Cross Media (ASX:SXL) is paying 2.2 cents fully franked
Symbio Holdings (ASX:SYM) is paying 1.7 cents fully franked
Zimplats Holding (ASX:ZIM) is paying 144.1266 cents unfranked

Dividends payable

Euroz Hartleys Group (ASX:EZL)
Dicker Data (ASX:DDR)
Hotel Property Investments (ASX:HPI)

Sources: Bloomberg, FactSet, IRESS, TradingView, UBS, Bourse Data, Trading Economics, CoinMarketCap.

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