U.S. stocks are closing lower as Wall Street’s modest August retreat continued another day.
Stocks wavered over the day as investors are unsure whether the market’s strong run in July is the start of a turnaround or a temporary blip. The S&P 500, the Nasdaq and the Dow Jones Industrial Average fell. Analysts cited comments from Federal Reserve officials that suggested continued hikes to interest rates are coming in order to knock down inflation.
Caterpillar took a hit after reporting weak sales. Uber shares took off following its own strong quarterly report. Treasury yields climbed.
The S&P 500 fell 27.44 points, or 0.7%, to 4,091.19.
The Dow Jones Industrial Average fell 402.23 points, or 1.2%, to 32,396.17.
The Nasdaq fell 20.22 points, or 0.2%, to 12,348.76.
The Russell 2000 index of smaller companies fell 0.86 points, or less than 0.1%, to 1,882.45.
For the week:
The S&P 500 is down 39.10 points, or 0.9%.
The Dow Jones Industrial Average is down 448.96 points, or 1.4%.
The Nasdaq is down 41.93 points, or 0.3%.
The Russell 2000 index of smaller companies is down 2.78 points, or 0.1%.
For the year:
The S&P 500 is down 674.99 points, or 14.2%.
The Dow is down 3,942.13 points, or 10.8%.
The Nasdaq is down 3,296.21 points, or 21.1%.
The Russell 2000 is down 362.86 points, or 16.2%.