The three major averages in the US swing between small gains and losses on Thursday, as traders digest the latest batch of economic data and what it means for the Fed's plans. The US private sector added only 54K jobs in August, reinforcing signs that the labor market is losing momentum and strengthening expectations of a Federal Reserve rate cut this month. Initial jobless claims also rose to 237K, the highest in nearly two months. This followed Wednesday's weaker-than-expected JOLTS report. On the other hand, the ISM Services PMI rose more-than-expected to a six-month high. Investors are now awaiting Friday's key nonfarm payrolls release. Consumer discretionary was by far the top performing sector while materials and technology were in the red. Amazon (3.1%) and Meta (1.6%) booked strong gains and Broadcom shares gained 0.4% ahead of its quarterly earnings due after the closing bell. On the other hand, Alphabet was down 1.4% and Salesforce plunged 8% as the company's outlook disappointed.
Source: Newsmaker.id
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