Written by The Banking Post
Wall Street closed lower on Friday ahead of the long Labor Day weekend, as investors booked profits and looked ahead to key economic data due next week.
The Dow Jones Industrial Average slipped 0.2% to 45,544.88, while the S&P 500 dropped 0.6% to 6,460.26. The Nasdaq Composite fell the most, tumbling 1.2% to 21,455.55.
Analysts said the declines reflected profit-taking rather than concerns over Friday’s inflation data, which came in largely as expected. “It wasn’t the catalyst,” said Sam Stovall of CFRA Research, noting that markets were instead focused on the jobs outlook.
Investors are awaiting fresh payrolls data next week, after the last report in early August pointed to a weaker-than-expected labor market. A surprise downturn in hiring could strengthen the case for the Federal Reserve to cut interest rates as early as September.
