The S&P 500 closed 0.4% lower on Thursday, marking its fifth consecutive decline as investors looked ahead to Fed Chair Jerome Powell's speech at Jackson Hole.
The Dow Jones slipped 153 points, while the Nasdaq 100 dropped 0.5% amid continued pressure on major tech stocks. Walmart dragged on sentiment, tumbling 4.5% after missing quarterly earnings expectations for the first time since 2022, despite lifting its full-year sales and profit outlook.
Weakness across other retailers added to concerns about consumer resilience in the face of higher tariffs and uneven spending. On the data front, jobless claims rose more than expected, while S&P Global's composite PMI pointed to the fastest pace of business activity in three years, highlighting a mixed economic backdrop.
Investors are now awaiting Powell's remarks on Friday for signals on the Fed's next move, with futures pricing in a 73% chance of a September rate cut.
Source: Trading Economi
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